Unit 3 Test Review: Question Preview (ID: 12337)

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Who insures individuals funds (money) when they are being held in a banks?
a) The government
b) Wall Street
c) The individual
d) The bank

What does the Federal Deposit Insurance Corporation (FDIC) do?
a) They insure that the government doesn't go bankrupt
b) They deposit money is bank accounts
c) They invest in banks to make sure they never fail
d) They protect (insure) depositors' funds in the event of the financial failure of their bank

What agency insures customers' accounts at credit unions?
a) Federal Deposit Insurance Corporation (FDIC)
b) National Credit Union Administration (NCUA)
c) The Savings Association Insurance Fund (SAIF)
d) Electronic Deposit Insurance Estimator (EDIE)

How much money does the Federal Deposit Insurance Corporation (FDIC) insure one individual for?
a) $100,000
b) $500,000
c) $250,000
d) $200,000

What is something you probably won't need to open a bank account.
a) A friend
b) Your Signature
c) Form of identification
d) Money

What is NOT an example of a service fee a bank might charge?
a) ATM use fee
b) FDIC Insurance Fee
c) Printing Check Fee
d) Monthly Maintenance Fee

A credit union is...
a) A for-profit organization
b) The exact same as a bank
c) member owned
d) insured by the FDIC

What is a check register?
a) a place to keep records of checks written, deposits, and fees
b) a statement that comes from the bank
c) something that holds your checks
d) a copy of the checks you have written

The magnetic ink numbers on a check do NOT tell which of the following
a) Bank Number
b) Account Number
c) Check Number
d) Individual Number

A check made out to
a) anyone
b) only the person it is endorsed by
c) only someone named Cash
d) no one

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