Basic Banking Functions And Terms! Trivia Quiz

14 Questions | By Catherinehalcomb | Updated: Mar 20, 2022 | Attempts: 269

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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