New Banking/credit Test 1st: Question Preview (ID: 24221)

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Since she deposited cash the money will be available for her to spend __________
a) 1-3 business day
b) immediately
c) 3-7 days
d) none

Which of the following are Federally insured financial institutions.
a) Banks and Credit union
b) No one is
c) Pawn shops
d) check cashing

Benefits of opening a bank account are many. Bank accounts are safe places to store money, allow various ways to access and use that money, and __________.
a) IRS collecting our taxes
b) FDIC protecting 400,000 of our money
c) all above
d) establish good credit for the future

Which of the following are Discretionary income
a) car payment
b) movie tickets
c) student loan
d) Rent

What investments are not insured by the FDIC
a) Checking accounts
b) Money Market savings/checking accounts
c) Bonds, Stocks, Mutual Funds
d) All are insured

Which type of financial institution usually pays the highest rate of interest on savings account balances?
a) Savings and loan associations
b) Credit unions
c) Investment firm money market accounts
d) Commercial banks

Who insures your deposits in most Credit Unions and for how much(1 point)
a) FDIC 250,0000
b) Banks
c) National Credit Union Share Insurance Fund NCUSIF for 250,000
d) NO one

Are check cashing service a good Idea _____, (1 point) Yes or No
a) NO !!!!!!!
b) Yes
c) Maybe
d) sometimes

When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
a) Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance.
b) Adjust the balance in the checkbook so it is the same as the bank's balance.
c) Notify the bank in writing to adjust the statement.
d) Determine that checks already written have cleared.

Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
a) Some types of checking accounts pay interest
b) All checking accounts pay interest
c) Checking accounts never pay interest
d) Checking accounts pay interest if the account balance does not fall below $300.00

Banks use savings account deposits to:
a) Give loans to consumers and businesses
b) Pay for employee special projects
c) Make their services and products attractive for new depositors
d) Improve the quality of life in low-income communities

Examples of Fixed/Anticipated expenses
a) Electric bill
b) Gas
c) rent
d) flat tire

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