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Personal Finance 4.02 B
Test Description: Personal Finance 4.02 B
Instructions: Answer all questions to get your test result.
1) Roberto purchased shares of ownership in a local commercial bank. What type of investment is this?
A
Stock
B
Mutual Fund
C
Certificate of Deposit
D
Bond
2) Marti opened a savings account at a credit union. What type of account is this?
A
Brokerage
B
Retirement
C
Checking
D
Share
3) Jerry is concerned about the safety of his money in a local commercial bank. What insurance program protects his money?
A
SAIF
B
NCUA
C
FDIC
D
No insurance offered to commercial banks
4) What do savings and loans associations and credit unions have in common?
A
Both offer checking and savings accounts
B
Both are insured by SAIF
C
Both are required to pay federal income taxes
D
Both require membership to a specific employer
5) What do commercial banks and credit unions have in common?
A
Both offer mortages
B
Both are for profit
C
Both are available to everyone
D
Both are insured by NCUA
6) Warren does not have a personal checking account and does not like to carry cash when he shops. What should he do?
A
Use a debit card when he shops
B
Use a credit card when he shops
C
Stop at the ATM and get cash
D
Obtain an installment loan
7) Wanda wrote a check with an incorrect amount. What should she do?
A
Remember next time to write in pencil so corrections can be made
B
Tear up the check and write "VOID" beside that check number in the register
C
Cross out the incorrect amount and write the correct amount above it
D
Use white-out to cover the incorrect amount and then write the correct amount
8) Sherry just received her bank statement in the mail. What should she do?
A
Balance her checkbook
B
Endorse by signing on the back
C
Open a checking account
D
Write a personal check
9) Jennifer does not have a checking account and needs to send $75 to her sister in another town. What should she do?
A
Mail the cash in a thick, secure envelope
B
Obtain a money order for $75 and mail to her sister
C
Go to the bank and obtain a certified check
D
Give her friend $75 and ask him to mail a personal check to her sister
10) Greg wants to be sure to protect his PIN number from being stolen. What should he do?
A
Note on his debit card where his PIN number is kept
B
Attach his PIN number to his debit card
C
Be observant when using an ATM
D
Tell a friend his PIN so he can help him remember it
*select an answer for all questions
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