Bank Services
This quiz measures quiz taker's knowledge of the most important bank services (money orders, cashier’s checks, traveler’s checks, and certified checks, U. S. Savings bonds, loan payments and bankcard advances and payments, foreign currency and drafts, ATM and debit cards, stored value cards and prepaid cards, and payroll cards) and the ability to explain their use to customers.
- 1.
Money orders, cashier’s checks, traveler’s checks, and certified checks are non-negotiable products rarely guaranteed by banks.
- A.
True
- B.
False
Correct Answer
B. False -
- 2.
When are money orders, cashier’s checks, traveler’s checks, and certified checks most frequently used?
- A.
When the customer has no checking account, through which to conduct the transfer.
- B.
When a bank runs out of regular checks.
- C.
When a customer has too much money on his savings account.
Correct Answer
A. When the customer has no checking account, through which to conduct the transfer. -
- 3.
Money order is guaranteed by bank to be valid up to the amount printed on it.
- A.
True
- B.
False
Correct Answer
A. True -
- 4.
Money orders are easy to duplicate, therefore, teller should pay careful attention especially to maximum amount printed on the money order.
- A.
True
- B.
False
Correct Answer
A. True -
- 5.
When would a customer typically need cashier's check?
- A.
When he/she is in immediate need of sizable cash.
- B.
When he/she needs guaranteed funds (e.g., home closing).
- C.
When he/she does not know which exact amount he/she will need.
Correct Answer
B. When he/she needs guaranteed funds (e.g., home closing). -
- 6.
When are traveller's checks most frequently used?
- A.
When the administration of customer's bank account is being relocated from one branch to another.
- B.
When the bank seat is being relocated.
- C.
When customers travel.
Correct Answer
C. When customers travel. -
- 7.
What is the so-called "Patriot Bond"?
- A.
It is a new type of E bond introduced after 9/11. Funds are raised for antiterrorism.
- B.
It is a new type of EE bond introduced after 9/11. Funds are raised for antiterrorism.
- C.
It is a new type of I bond introduced after 9/11. Funds are raised for antiterrorism.
Correct Answer
B. It is a new type of EE bond introduced after 9/11. Funds are raised for antiterrorism. -
- 8.
What does it mean when savings bonds reach "final maturity"?
- A.
Bonds stop earning interest.
- B.
Bonds reach their face value.
- C.
Bonds enter extension period.
Correct Answer
A. Bonds stop earning interest. -
- 9.
Bond interest is usually exempt from state, local, and property taxes.
- A.
True
- B.
False
Correct Answer
A. True -
- 10.
What does a customer have to submit to purchase bonds?
- A.
Name and address.
- B.
Name, address, and tax receipt.
- C.
Social security number, name, and address.
Correct Answer
C. Social security number, name, and address. -
- 11.
To redeem a bond, a customer must hold a bond for at least 12 months, sign a bond, and provide a clear identification.
- A.
True
- B.
False
Correct Answer
A. True -
- 12.
What is the advantage of "automatic deduction'' as one of the main types of payment forms?
- A.
Customer does not need to authorize any deduction from the account as it happens automatically.
- B.
Customer will not be late with check as the payment is automatically taken out of bank account.
- C.
Customer does not receive any payment reminders.
Correct Answer
B. Customer will not be late with check as the payment is automatically taken out of bank account. -
- 13.
Cash advance is a loan, for which a customer pays a finance charge and fee.
- A.
True
- B.
False
Correct Answer
A. True -
- 14.
What is the extra feature of a debit card that ATM card does not have?
- A.
Debit card can be used for purchases.
- B.
The amount of purchase is not directly deducted from customer’s checking account, but bills monthly.
- C.
There is no extra feature. Both cards have the same functions.
Correct Answer
A. Debit card can be used for purchases. -
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Feb 18, 2013Quiz Edited by
ProProfs Editorial Team -
May 31, 2012Quiz Created by
Sarka
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