Banking Unit Question Preview (ID: 24030)


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Anyone can open an account here
a) Credit Union
b) Bank
c) Both
d)

Offers financial services to the public
a) Credit Union
b) Bank
c) Both
d)

Owned by their customers
a) Credit Union
b) Bank
c) Both
d)

Is in business to make money
a) Credit Union
b) Bank
c) Both
d)

Membership required to open an account
a) Credit Union
b) Bank
c) Both
d)

Which account is designed to hold money not spent on current consumption
a) Certificate of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account is used for a fixed period of time and allows restricted access to funds deposited
a) Certificate of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account provides an easy method for withdrawing and depositing money
a) Certificate of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account has a minimum balance requirement and tiered interest rates
a) Certificate of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account is the Least liquid
a) Certificate of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

How do you bounce a check
a) Writes a check for more than the charged amount
b) writes a check for more than the amount in the designated account
c) Does not write enough checks per day
d) Deposits more money than withdrawn

Which of the following is not a check endorsement type
a) Blank
b) Special
c) Full
d) Restrictive

Which account reduces the need to carry large amounts of cash
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account is easily accessible, but less liquid than a checking account
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account may require a minimum balance or have limited number of withdrawals each month
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account most like will assess a penalty if funds are withdrawn early
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account has tiered interest rates
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account has a time length that usually ranges from 7 days to 10 years
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Which account is less liquid than savings accounts, but earns higher interest rate
a) Certificates of Deposit
b) Checking Account
c) Money Market Account
d) Savings Account

Compared to commercial banks, credit unions generally offer
a) Higher interest rates on loans
b) More financial services
c) High fees
d) Lower fees and loan rates

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