Banking Question Preview (ID: 33095)


This Is Practice For The WISE Test. TEACHERS: click here for quick copy question ID numbers.

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
a) US Treasury Department
b) Federal Deposit Insurance Corporation (FDIC)
c) State Banking Commission
d) Federal Reserve Board

Consumer finance companies, which are often advertised on TV, are also known as
a) Banks
b) Savings and loan associations
c) Small loan companies
d) Purchase loan lenders

Which financial product can you buy for $25, is safe, and will be worth $50 at a future date?
a) Series EE savings bond
b) Certificate of deposit
c) 50 shares of ABC Co. stock
d) ABC Co. Bond

You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?
a) The same day as the $200 deposit
b) 3 to 7 days later, depending on your bank's check clearance policy
c) After receiving a checking account statement at the end of the month
d) On the day you make your next deposit

A blank endorsement on a check
a) has no effect on the check
b) cancels the check
c) creates a check that can be cashed by anyone
d) restricts the use of the check

Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
a) store valuables in a cabinet at home
b) rent a safe deposit box for their valuables
c) hand valuables over to their attorney
d) store valuables in locked drawer

The financial institution where Ms. Higgs has her checking account will continue to pay out money for the checks she writes as long as:
a) she uses checks from her checkbook
b) the financial institution has sufficient funds
c) there is enough money in Ms. Higgs account to cover the amount of the checks
d) she maintains a good record of deposits and handles her account responsibly

Which financial product typically pays the highest rate of interest?
a) savings account
b) money market account
c) certificate of deposit
d) common stock

Travelers checks, often used for vacations:
a) are equivalent to credit cards
b) are free at most banks
c) function as cash and are easily replaced if lost
d) are FDIC insured

Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
a) an installment plan
b) a savings plan
c) an ATM transaction
d) a debit card transaction

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