Money And Banking Review: Question Preview (ID: 16750)

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Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest?
a) Interest is the price paid for using someone else’s money.
b) When earning interest, look for low rates.
c) When paying interest, look for low rates.
d) The amount of interest earned or paid is determined by the interest rate.

Common fees that may be charged by a depository institution include all EXCEPT:
a) Overdraft fee
b) ATM fee
c) Late fee
d) Minimum Balance fee

True or false? Currency is the practice of trading by use of commodities or products instead of money.

A check that is returned due to insufficient funds
a) fraud check
b) deposit slip
c) insufficient funds check
d) bounced check

Money put at risk for the purpose of making money
a) investing
b) spending
c) borrowing
d) saving

A promissory note that provides payment to the bearer when redeemed
a) payment note
b) bank run
c) money note
d) bank note

Has intrinsic value and is worth something in its own right
a) commodity money
b) fiat money
c) currency money
d) monetary policy

What government agency insures bank deposits up to $250,000 per bank per customer per account?
b) SEC
d) SCA

The amount that is earned on an investment; also known as the fee for borrowing money
a) income
b) principal
c) interest
d) endorsement

You need to deposit money into an account to use all of the following services except a
a) savings account
b) money share account
c) debit card
d) credit card

Who's job is it to investigate fraud and other securities law violations?
b) FTA
c) SEC
d) SCA

What two numbers are at the bottom of a personal check?
a) routing number and PIN number
b) routing number and account number
c) account number and PIN number
d) PIN number and ATM number

The FTC protects consumers by
a) encouraging competition in the marketplace.
b) discouraging competition in the marketplace.
c) encouraging banks to be fair and honest with customers.
d) insuring deposits up to $250,000 per person, per bank.

ATM stands for...
a) automatic teller money
b) automatic time machine
c) automated transfer of money
d) automated teller machine

______________ refers to the specific amount of money circulating in a country's economy at a particular period of time.
a) Money supply
b) Cash supply
c) Monetary policy
d) The time value of money

True or false? The “time value of money” means that the value of an amount of money is greater today than the value of the same amount of money in the future.

The ______________ provides a quick formula for computing how long it will take to double your money invested at a given interest rate.
a) Rule of 62
b) Rule of 63
c) Rule of 72
d) Rule of 73

_____ is a written order to a bank to pay a stated amount to a person or business.
a) A debit card
b) A check
c) A credit card
d) Cash

Fiat money
a) is filled out at a bank when you make a deposit.
b) has intrinsic value and is worth something in its own right.
c) has value because the government says that it does.
d) is an amount earned on an investment

True or false? Compound interest is interest earned on the principal plus any previously earned interest.

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