Basic Banking Functions And Terms! Trivia Quiz
14 Questions
| Total Attempts: 150
Take your best guess!
Questions and Answers
- 1._______ is the date stated on an account signifying the end of the term.
- A.
Maturity
- B.
Loan
- C.
Credit Card
- D.
Finale
- 2.A restriction that freezes an account, or restricts payment in another form (such as preventing members for having full access to a check they just deposited).
- A.
Maturity
- B.
Hold
- C.
MICR
- D.
Stop and Freeze
- 3.This was developed by the ABA and it allows for the electronic reading of pre-coded numbers printed on documents (like checks). It uses a special magnetic ink.
- A.
CRIM
- B.
MMCA
- C.
MICR
- D.
CU
- 4.MLCU has this many locations.
- A.
3
- B.
4
- C.
5
- D.
6
- 5.This allows members to purchase goods and services as credit.
- A.
Debit card
- B.
Credit card
- C.
Savings account
- D.
Checking account
- 6."Not for profit, not for charity, but for service" is the philosophy of credit unions.
- A.
True
- B.
False
- 7.A financial institution which is for-profit and traditionally specializes in servicing the needs of businesses.
- A.
Credit Union
- B.
Cash Advance Centers
- C.
Bank
- D.
Grocery Store
- 8.The federal agency for credit unions which insure member accounts up to $250,000 per account ownership
- A.
NCUA
- B.
FDIC
- C.
CUNA
- D.
FDCU
- 9.A sum of money that is borrowed by a member and typically paid back in increments, such as monthly payments, until the balance is paid off in full.
- A.
Loan
- B.
Borrow Cash
- C.
Lump Sum
- D.
Lien
- 10.A financial institution which is not-for-profit and whose members appoint board members, who serve an unpaid persons.
- A.
Bank
- B.
Cash Advance Center
- C.
Credit Union
- D.
Grocery Store
- 11.A member has an established certificate of deposit (CD) account locked in for an 18 month term. She/he is allowed to deposit money into the CD at any time during this term.
- A.
True
- B.
False
- 12.Traditional IRA accounts require members to make yearly withdrawals at the age of 70 1/2.
- A.
True
- B.
False
- 13.Money market accounts differ from certificate of deposits (CDs) because members can deposit money into the account at any time.
- A.
True
- B.
False
- 14.MLCU employees uses MVI as our "electronic filing cabinet"
- A.
True
- B.
False
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