This quiz is part of LFE Institute’s CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Banking Module (Module 2) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you’ve successfully completed this test and are ready to begin the next Module.
Correct answers required for passing grade: 12/14
4%
40%
400%
4000%
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Clearing the largest check first
Holding deposits to ensure the funds are available
Clearing checks via “first pay” so that the priority checks clear the bank first
Charging up to $48 when ordering two boxes of checks so that customers only order one free box at a time
None of the above are really designed to benefit the bank’s customers
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I lose all of my money
I lose everything that was in my safety deposit box
All of my loans are due immediately
I cannot get access to my cash temporarily
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Your spouse
Your parents
Your children
Your employer
Anyone who is an authorized signer on the account
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The teen is taught how to go online to check the balance and manage the account
He or she understands the charges for using overdraft protection
ATM charges are explained
The bank has a low-cost option for teenagers
It’s never a good idea until the child is 18
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Help their customers
Make a profit for their shareholders
Help stimulate the economy
Provide a safe place for consumers to put their money
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Just use cash
Get money orders to pay bills
Use a payroll debit card
Use credit cards
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Truth in Lending (see http://en.wikipedia.org/wiki/Truth_in_Lending_Act)
FCRA (Fair Credit Reporting Act) (see http://en.wikipedia.org/wiki/Fair_Credit_Reporting_Act)
Dodd–Frank Wall Street Reform and Consumer Protection Act (see http://en.wikipedia.org/wiki/Dodd-Frank_Wall_Street_Reform_and_Consumer_Protection_Act)
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National banks
Local community banks
Credit Unions
Online banks
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Ask the bank managers
Www.Bankrate.com
Contact the FDIC
Www.TheStreet.com
Ask another bank what they’ve heard
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Avoid overdraft charges
Find errors sooner
Provide peace of mind
Let me know how much money is in the account
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When traveling and trying to access an ATM
During a disaster when my local branch may be inaccessible
When low monthly service fees are a priority
When personally getting to know a banker is important
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“Brick & Mortar” Bank
Online bank
Credit Union
Savings & Loan
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