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- 1. Multiple ChoiceIf a person makes a deposit of $10,000 or more into a bank account, the bank must notify theUS Treasury Department.Federal Deposit Insurance Corporation. (FDIC).State Banking Commission.Federal Reserve Board.
- 2. Multiple ChoiceThe best suggestion you gave a friend who is writing a check for the first time is:Date the check because it is usually proof of paymentUse pencil to permit changesMake the check payable to cashUse the checkbook stub or register to keep a record of the date you write the check
- 3. Multiple ChoiceThe National Credit Union Administration (NCUA) insures accounts in:Credit unionsCommercial banksBrokerage firmsSavings banks
- 4. Multiple ChoiceTroy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:An installment paymentA savings planAn ATM transactionA debit card transaction
- 5. Multiple ChoiceFinancial services and products generally offered by banks and credit unions include:Real estate listingsSavings and loansLegal servicesBusiness plans
- 6. Multiple ChoiceA blank endorsement on a check:Has no effect on the checkCancels the checkCreates a check that can be cashed by anyoneRestricts the use of the check
- 7. Multiple ChoiceSafe-deposit boxes are:A free benefit for accounts with deposits starting at $50,000Safe and can be accessed only by the owner of the boxAvailable at all banksConvenient and accessible at any hour of the day or evening
- 8. Multiple ChoiceWhich financial product typically pays the highest rate of interest?Savings accountMoney market accountCertificate of depositCommon stock
- 9. Multiple ChoiceWhat action should a person take who must make a tuition payment at the end of August each year?Decide how much money will be needed and then place 1/12th of that amount in a separate account each month.Divide the total amount of money that will be needed into 12 equal parts and invest that amount in stocks.Obtain a short- term collateralized loan for the needed amount of money.Plan to open a new credit card account that will be used to charge the needed amount of money.
- 10. Multiple ChoiceThe phrase used for putting money into a savings account is:Verifying the accountBalancing the accountMaking a depositMaking a withdrawal
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