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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
Discounting currency of member banks
D
Supervising banks
2) The automated clearing house (ACH) uses which technology?
A
Optical character readers (OCR)
B
Automated teller machines (ATM)
C
Electronic funds transfer (EFT)
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
Regular
C
NOW
D
Basic
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
Super NOW
C
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
Balnk
B
Special/full
C
Transfer
D
Restrictive
6) In a reconciled bank statement, any deposits that were made too late to appear on the bank statement should be:
A
Subtracted from the bank statement balance.
B
Added to the check register balance.
C
Subtracted from the check register balance.
D
Added to the bank statement balance.
7) Anyone may cash a check that has which endorsement?
A
Restrictive
B
Full
C
Special
D
Blank
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
Written in the place of the previous balance.
D
Added to the previous balance.
9) To make a withdrawal from a savings account, prepare a/an:
A
Withdrawal slip
B
Endorsement
C
Check
D
Signature card
10) Zack has endorsed a check by writing “For deposit only” above his signature. This is a
A
blank endorsement.
B
restrictive endorsement.
C
full endorsement.
D
special endorsement.
*select an answer for all questions
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