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Unit 7: Banking
Test Description: Review questions for POB Unit 7 Banking
Instructions: Answer all questions to get your test result.
1) Holding reserve deposits for its member banks is an example of which role/responsibility of the Federal Reserve?
A
Clearing checks between banks in different cities
B
Participating in open market operations
C
Supervising banks
D
Discounting currency of member banks
2) The automated clearing house (ACH) uses which technology?
A
Electronic funds transfer (EFT)
B
Optical character readers (OCR)
C
Automated teller machines (ATM)
D
Point of sale terminals (POS)
3) Juanita keeps a balance over $1,500 in her checking account. She is interested in a credit/debit card and would like to earn interest on her account. What type of checking account
A
Super NOW
B
NOW
C
Basic
D
Regular
4) Manuel only writes a few checks each month, and only maintains a balance of $300. What type of checking account would be best for Manuel?
A
Regular
B
NOW
C
Super NOW
D
Basic
5) Andrea just got paid for his part-time job. He owes his landlady money. Which endorsement could he use on his paycheck to let the landlady cash the check to pay his debt?
A
Restrictive
B
Special/full
C
Transfer
D
Balnk
6) In a reconciled bank statement, any deposits that were made too late to appear on the bank statement should be:
A
Added to the check register balance.
B
Added to the bank statement balance.
C
Subtracted from the check register balance.
D
Subtracted from the bank statement balance.
7) Anyone may cash a check that has which endorsement?
A
Restrictive
B
Special
C
Blank
D
Full
8) The amount of a check recorded in the register should be:
A
Multiplied by the previous balance.
B
Subtracted from the previous balance.
C
Added to the previous balance.
D
Written in the place of the previous balance.
9) To make a withdrawal from a savings account, prepare a/an:
A
Check
B
Signature card
C
Endorsement
D
Withdrawal slip
10) Zack has endorsed a check by writing “For deposit only” above his signature. This is a
A
special endorsement.
B
restrictive endorsement.
C
full endorsement.
D
blank endorsement.
*select an answer for all questions
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