Basic Banking Functions And Terms! Trivia Quiz

14 Questions | Total Attempts: 150

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Assessment Quizzes & Trivia

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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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