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Personal Finance 9

Banking

QuestionChoicesAnswer
Which type of financial institution typically has membership requirements? A. Credit Union. B. Online Commercial Bank. C. Commercial Bank. D. Federal Reserve Bank A. Credit Union
Which type of account is typically the MOST liquid? A. Checking Account. B. Savings Account. C. Certificate of Deposit (CD). D. Exchange Traded Fund A. Checking Account
Which of the following is a primary responsibility of the Federal Reserve Bank? A. Establish Monetary Policy. B. Write monetary laws. C. Collect taxes. D. Print Money A. Establish monetary policy
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 C. higher; harder
Which type of account will typically have the highest interest rate? A. checking account. B. savings account. C. money market account. D. Certificate of Deposit (CD) D. Certificate of Deposit (CD)
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 States A. Board of Governors
Which of the following fees would likely be the highest? A. Overdraft fee. B.Account Transfer Fee. C. Monthly service fee. D. ATM fee A. Overdraft fee
Which of the following is a unique feature of credit unions? A. they are owned & run by their members. B. they limit membership to certain people. C. they offer a wide variety of banking services. D. Both A & B D. both A & B
The numbers on the bottom of a typical check represent all of the following EXCEPT: A. Social Security Number. B. Routing Number. C. Account Number. D. Check Number A. Social Security Number
Which part of the check is the LEAST important? A. the check number. B. Signature line. C. Memo line. D. Routing number C. Memo line
How often should typically monitor your checking account? A. Monthly. B. Yearly. C. Daily. D. Every three months A. Monthly
Which of the following represents typical account fees? A. ATM fees. B. Service fees. C. Minimum balance fee. D. All of the above D. All of the above
Which of the following is not a type of bank? A. Credit Union. B. Online Bank. C. Payday Lender. D. Retail Bank C. Payday Lender
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 C. Only use ATMs in your bank's network
Which of the following is NOT a core component of the Federal Reserve Bank? A. Board of Governors. B. Regional Reserve Banks. C. Federal Open Market Committee. D. Department of the Treasury D. Department of the Treasury
What's the purpose of balancing or monitoring your checking account? A. To find out which check your have bounced. B. To help you calculate how much money you have in your account. C. To stop identity theft B. To help you calculate how much money you have in your account
Which type of account typically has low liquidity? A. checking account. B. savings account. C. Money Market Account. D. Certificate of Deposit (CD) D. Certificate of Deposit (CD)
The best way to ensure the accuracy and safety of your account is to: A. Monitor your account regularly. B. Shred your paper account statements weekly. C. Call your customer service center daily. D. Balance your checkbook annually A. Monitor your account regularly
With a traditional savings account, you could be charged a fee if: A. you deposit too much money at once. B. you withdraw money too often. C. you open an account online. D. you close the account B. you withdraw money too often
Which of the following is NOT one of the responsibilities of the Federal Reserve? A. Supervising the Reserve Bank. B. Maintaining a staple banking system. C. Setting the nation's monetary policy D. Establishing the Federal Budget D. Establishing the Federal Budget
Created by: SusieQ60
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