US Banking Systems Quiz 9/3/2010

10 Questions
Banking Quizzes & Trivia

Vocabulary and Review Quiz over Chapter 2 of Banking and Finance.

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Questions and Answers
  • 1. 
    Currency issued by a bank promising to pay the amount of money designated on its face when the note is presented to the bank is known as:
    • A. 

      Dollar Bill

    • B. 

      Coin

    • C. 

      Banknote

    • D. 

      Bankloan

  • 2. 
    A document, currency, or coin that is forged or otherwise created to look real is considered to be:
    • A. 

      Counterfeit

    • B. 

      Real

    • C. 

      Copied

    • D. 

      Inflated

  • 3. 
    A continuing increase in prices caused by too much money in the economy and too few goods avaialble to be purchased is called:
    • A. 

      Upward trend

    • B. 

      Shortage

    • C. 

      Balloon effect

    • D. 

      Inflation

  • 4. 
    Which peice of legeslation addressed the needs of forming a national check clearing system?
    • A. 

      FDIC

    • B. 

      Federal Reserve Act

    • C. 

      OCC

    • D. 

      Banking Act of 1933

  • 5. 
    When borrowing money to purchase stocks, investing little of your own money as a down payment, you are:
    • A. 

      Buying on debit

    • B. 

      Buying on funds

    • C. 

      Buying on Margin

    • D. 

      Borrowing on Margin

  • 6. 
    The Dual Banking System still exists in todays banking society
    • A. 

      True

    • B. 

      False

  • 7. 
    The National Bank Act of 1863 created the FDIC
    • A. 

      True

    • B. 

      False

  • 8. 
    The Gramm-Leach-Blilet Act of 1999 requires banks to protect customer financial information
    • A. 

      True

    • B. 

      False

  • 9. 
    The OCC is responsible for chartering, examining, and supervising state banks
    • A. 

      True

    • B. 

      False

  • 10. 
    Banking in the 1700s and 1800s was structured a lot like the banks of today
    • A. 

      True

    • B. 

      False