Banking / Everfi Question Preview (ID: 20915)
Banking.
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The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:
a) Board of Governors
b) United States Mint
c) Department of the Treasury
d) Secretary of State
Which of the following is NOT one of the responsibilities of the Federal Reserve
a) Supervising the Reserve banks
b) Maintaining a stable banking system
c) Setting the nation’s monetary policy
d) Establishing the federal budget
Which of the following is a unique feature of credit unions
a) Credit unions are typically owned and run by their members
b) Credit unions are insured by FDIC
c) Credit unions offer a wide variety of banking services.
d) Credit union charge higher interest on loans
Which type of account is typically the MOST liquid?
a) Checking account
b) Savings account
c) Certificate of Deposit
d) Exchanged Traded Fund
Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account
a) lower; harder
b) lower; easier
c) higher; harder
d) higher; easier
What part of a check is the LEAST important?
a) The check number
b) Signature line
c) Memo line
d) Routing number
Which of the following represent typical account fees?
a) ATM fee
b) Service fee
c) Minimum balance fee
d) All of the above
What’s the best strategy for avoiding ATM fees?
a) Only use ATMs close to your house
b) Only use ATMs to withdraw cash
c) Only use ATMs in your bank’s network
d) Only use ATMs you have used before
What’s the purpose of balancing or monitoring your checking account?
a) To find out which checks you have bounced
b) To help you calculate how much money you have in your account
c) keep an estimation of how many checks you write
d) To stop identity theft from occurring
The best way to ensure the accuracy and safety of your accounts is to:
a) Monitor your online accounts regularly
b) Shred your paper account statements weekly
c) Call your customer service center daily
d) Balance your checkbook annually
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