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Personal Finance Review 2
Test Description: Personal Finance Review
Instructions: Answer all questions to get your test result.
1) Which of the following does not regulate the banking industry?
A
the Federal Reserve System
B
the ACH
C
state and federal banking agencies
D
the FDIC
2) Which of the following shares profits with customers?
A
large national banks
B
independently owned local banks
C
credit unions
D
savings and loan associations
3) At which of the following would you pay the least for a loan?
A
Both a AND c
B
savings and loan association
C
check cashing company
D
payday lender
4) Which of the following is an example of interest?
A
the money exchanged in a funds transfer
B
the fee a bank charges for an overdraft
C
the fee charged by a check cashing company
D
the money a bank earns for lending money
5) Which of the following is the best banking choice if you will do most of your transactions using ATMs?
A
free checking, free checks, no minimum balance required, and $0.50 fee per ATM and debit card transa
B
free ATM transfers, maximum of five ATM withdrawals per month, and limit of $200.00 ATM withdrawal p
C
fee for writing more than five checks per month, no minimum balance required, and free ATM and debit
D
$0.25 fee per ATM and debit card transaction, $200.00 minimum balance to avoid monthly fee, and free
6) Using a checkbook with carbonless copies is probably a good choice for someone who
A
keeps all receipts.
B
cannot remember to record transactions.
C
mostly uses a debit card.
D
has an account with a high minimum balance.
7) Financial institutions might require teens to open a “student” checking account or a joint checking account with a parent or guardian because they want an adult to
A
all of the above
B
supervise the transactions.
C
take responsibility if there is a problem.
D
help teens develop money management skills.
8) A checkbook register includes all the following columns except
A
the date a transaction cleared the bank.
B
the account balance.
C
the check number or transaction type.
D
the date and type of transaction.
9) An account statement includes all the following except
A
the opening balance.
B
a list of outstanding deposits.
C
the date a transaction cleared the bank.
D
transaction amounts.
10) How can you avoid an NSF fee if you realize you wrote a check for more than the amount you have in your checking account but the check has not yet been received by the payee?
A
use online bill paying
B
transfer money from your savings account
C
void the check
D
transfer money to your savings account
*select an answer for all questions
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