December Product Knowledge Test

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| By Jblankenship

Jblankenship

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Quizzes Created: 1 | Total Attempts: 167

Questions: 19 | Attempts: 167 | Updated: Mar 21, 2023

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December PK test on Chapters 3, 4, 7 & 10

Questions and Answers

1.

Opening a Share Account with a $10 deposit establishes membership at CCF.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
By opening a Share Account with a $10 deposit, it confirms that the individual is becoming a member of CCF (presumably a credit union or financial institution). This membership allows them to access various services and benefits offered by CCF. Therefore, the statement is true as it indicates that opening a Share Account with a $10 deposit establishes membership at CCF.

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2.

Per Regulation D, a Share Savings Account member is limited to 6 withdrawals or transfers per month.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Regulation D imposes a limit of 6 withdrawals or transfers per month for members with a Share Savings Account. This means that individuals can only make a maximum of 6 transactions, such as transferring funds or making withdrawals, from their Share Savings Account within a single month. Therefore, the statement "Per Regulation D, a Share Savings Account member is limited to 6 withdrawals or transfers per month" is true.

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3.

We waive the $1 monthly membership fee on if the member signs up for E-Statements
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The statement is true because it states that the $1 monthly membership fee is waived if the member signs up for E-Statements. This means that if the member chooses to receive their statements electronically rather than in paper form, they will not be charged the monthly fee.

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4.

Members can withdrawl from a Holiday Share Accounts at any time without penalty.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
$15 penalty if withdrawn before October 15th

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5.

A Platinum IMMIA requires a minimum of $12,000 to open.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Platinum IMMIAs require $25,000 to open.

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6.

Business Checking Accounts allow unlimited withdrawals, deposits and transfers.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Business Checking Accounts allow unlimited withdrawals, deposits, and transfers. This means that businesses can freely move their funds in and out of the account without any restrictions. This flexibility is essential for businesses to manage their cash flow effectively and meet their financial obligations. Additionally, unlimited transactions enable businesses to handle a high volume of financial activities, such as paying employees, suppliers, and other expenses, without incurring extra fees or penalties. Therefore, the statement is true.

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7.

Members using Direct Deposit can only deposit funds into a share savings account.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Direct Deposit is allowed on any depository account

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8.

Members are automatically opted in to Courtesy Pay
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Members are not automatically signed up for Courtesy Pay, they must opt in

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9.

Visa EZ Pay allows members to make automatic Visa payments directly from their checking or share account.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Visa EZ Pay enables members to conveniently make automatic Visa payments directly from their checking or share account. This feature eliminates the need for manual payment processing and ensures timely payments. By opting for Visa EZ Pay, members can enjoy a hassle-free payment experience while maintaining the convenience and security of their Visa card.

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10.

Visa Secured Card helps members rebuild damaged credit
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The Visa Secured Card is designed to assist individuals in rebuilding their credit, which implies that the statement is true. By using this card responsibly and making timely payments, individuals can demonstrate their creditworthiness and gradually improve their credit score. This card is often recommended for individuals with damaged credit who are looking to establish a positive credit history.

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11.

Dometic wire transfers cost $20.00
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Dometic wire transfers cost $20.00, which means that it is true that there is a cost of $20.00 associated with Dometic wire transfers.

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12.

CCF offers the Visa Classic to those with low credit scores
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The Visa Classic has been discontinued, CCF offers the Visa Secured to those with low credit scores.

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13.

Members must maintain an average ____ balance of $250 in a share account to avoid monthly fees

Correct Answer
daily

Explanation
To avoid monthly fees, members must maintain an average daily balance of $250 in a share account. This means that the balance of the account should not fall below $250 on any given day during the month. If the average daily balance is below $250, then the member may be subject to monthly fees.

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4
14.

Fresh ____ Checking Accounts help members who have been in the ChexSystem rebuild their financial credibility.

Correct Answer
start

Explanation
Fresh Start Checking Accounts are designed specifically for individuals who have a negative history in the ChexSystem, a database used by banks to track account holders' banking behavior. These accounts provide an opportunity for these individuals to rebuild their financial credibility by giving them a fresh start. By opening a Fresh Start Checking Account, members can demonstrate responsible financial behavior and gradually improve their standing in the ChexSystem.

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4
15.

____ is an acronym for an Insured Money Market Investment Account

Correct Answer
IMMIA

Explanation
IMMIA is an acronym for an Insured Money Market Investment Account.

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4
16.

Members can waive their monthly membership fee by signing up for e-____.

Correct Answer
statements
statments
statement

Explanation
The correct answer is "statement". This is because the sentence is referring to a singular action that members can take to waive their monthly membership fee, which is signing up for e-statements. The other options, "statements" and "statments", are incorrect spellings of the word "statement".

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4
17.

Name 3 benefits of a Get Amp'd Account that you would use to cross sell to a member.
18.

Explain the benefits of a convertible CD
19.

What are the benefits of giving a Visa Gift Card for the holidays?

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Dec 03, 2010

Quiz Created by
Jblankenship

December Product Knowledge Test

Opening a Share Account with a $10 deposit establishes membership at CCF.

Per Regulation D, a Share Savings Account member is limited to 6 withdrawals or transfers per month.

We waive the $1 monthly membership fee on if the member signs up for E-Statements

Members can withdrawl from a Holiday Share Accounts at any time without penalty.

A Platinum IMMIA requires a minimum of $12,000 to open.

Business Checking Accounts allow unlimited withdrawals, deposits and transfers.

Members using Direct Deposit can only deposit funds into a share savings account.

Members are automatically opted in to Courtesy Pay

Visa EZ Pay allows members to make automatic Visa payments directly from their checking or share account.

Visa Secured Card helps members rebuild damaged credit

Dometic wire transfers cost $20.00

CCF offers the Visa Classic to those with low credit scores

Members must maintain an average ____ balance of $250 in a share account to avoid monthly fees

Fresh ____ Checking Accounts help members who have been in the ChexSystem rebuild their financial credibility.

____ is an acronym for an Insured Money Market Investment Account

Members can waive their monthly membership fee by signing up for e-____.

Name 3 benefits of a Get Amp'd Account that you would use to cross sell to a member.

Explain the benefits of a convertible CD

What are the benefits of giving a Visa Gift Card for the holidays?