Finance Quiz: A Practice Test! Trivia
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Finance quiz: a practice test trivia. Banks are one of the safest places that you can choose to deposit your cash other than carry it around but they do not only offer depositing services but investing and financing ones too. Certificates of deposits give the holder a chance to cash out and they have affixed interest rate. They are a perfect way for saving your cash. This quiz will help you learn more about what financial institutions such as banks offer.
- 1.A prepaid phone card is an example of a debit card.
- A.
True
- B.
False
- 2.A credit union is a financial institution that is owned by its members.
- A.
True
- B.
False
- 3.A savings & loan association specializes in savings accounts and mortgage loans.
- A.
True
- B.
False
- 4.A restrictive endorsement allows you to transfer a check to an organization or another person.
- A.
True
- B.
False
- 5.The FBI ensures each account in a federally chartered bank up to $100,000 per account.
- A.
True
- B.
False
- 6.Which of the following financial services is best suited for saving money over a period of years?
- A.
Certificate of deposit
- B.
Checking account
- C.
Demand deposit
- D.
Mortgage loan
- 7.Credit cards allow you to ______.
- A.
Spend only the amount in your account
- B.
Transfer money between accounts on-line
- C.
Protect your checks from thieves
- D.
Borrow money for a short term
- 8.The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a ______.
- A.
Lost debit card
- B.
Stolen paycheck
- C.
Death in the family
- D.
Bank failure
- 9.When writing a check, include all of the following EXCEPT _______.
- A.
Current date
- B.
An endorsement on the back
- C.
Name of the payee
- D.
Your signature on the front
- 10.If you deposit $100 in an account with an annual interest rate of 5 percent compounded yearly, after 12 months you will have _______.
- A.
$5
- B.
$6.18
- C.
$106.18
- D.
$105
- 11.To earn high-interest rates on a certificate of deposit, you must accept ________.
- A.
Leaving money in for the term of the deposit
- B.
Complete a monthly bank reconciliation
- C.
Being charged monthly fees
- 12.A ________ savings plan the interest rate varies from month to month.
- A.
CD
- B.
Regular savings
- C.
U.S. Savings Bond
- D.
Money market
- 13.The following are considered deposit institutions EXCEPT
- A.
Mutual Savings banks
- B.
Savings & Loan association
- C.
Credit Union
- D.
Mortgage company
- 14.The following are savings alternatives EXCEPT
- A.
Certificates of deposit
- B.
Money market
- C.
U.S. Savings Bonds
- D.
Money orders
Questions: 20 | Attempts: 10379 | Last updated: Sep 2, 2020
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