Unit 7: Banking: Question Preview (ID: 3668)

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Holding reserve deposits for its member banks is an example of which role/responsibility of the Federal Reserve?
a) Clearing checks between banks in different cities
b) Discounting currency of member banks
c) Participating in open market operations
d) Supervising banks

The automated clearing house (ACH) uses which technology?
a) Automated teller machines (ATM)
b) Electronic funds transfer (EFT)
c) Optical character readers (OCR)
d) Point of sale terminals (POS)

Juanita keeps a balance over $1,500 in her checking account. She is interested in a credit/debit card and would like to earn interest on her account. What type of checking account
a) Basic
b) NOW
c) Regular
d) Super NOW

Manuel only writes a few checks each month, and only maintains a balance of $300. What type of checking account would be best for Manuel?
a) Basic
b) NOW
c) Super NOW
d) Regular

Andrea just got paid for his part-time job. He owes his landlady money. Which endorsement could he use on his paycheck to let the landlady cash the check to pay his debt?
a) Balnk
b) Restrictive
c) Transfer
d) Special/full

In a reconciled bank statement, any deposits that were made too late to appear on the bank statement should be:
a) Added to the bank statement balance.
b) Added to the check register balance.
c) Subtracted from the bank statement balance.
d) Subtracted from the check register balance.

Anyone may cash a check that has which endorsement?
a) Blank
b) Full
c) Restrictive
d) Special

The amount of a check recorded in the register should be:
a) Added to the previous balance.
b) Multiplied by the previous balance.
c) Subtracted from the previous balance.
d) Written in the place of the previous balance.

To make a withdrawal from a savings account, prepare a/an:
a) Check
b) Signature card
c) Endorsement
d) Withdrawal slip

Zack has endorsed a check by writing “For deposit only” above his signature. This is a
a) restrictive endorsement.
b) blank endorsement.
c) full endorsement.
d) special endorsement.

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