This quiz works best with JavaScript enabled. Home > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Examples of these types of banks are Wells Fargo, Chase, and Bank of America. A) Commercial banks. B) Credit unions. C) Charters. D) Savings and loans. Show Answer Correct Answer: A) Commercial banks. 2. Lead of merchant banker should advice the issuer to enter into ..... intermediary for the purpose of issue management. A) Agreement. B) Arrangement. C) Memorandam of association. D) None of above. Show Answer Correct Answer: C) Memorandam of association. 3. Your PIN should be A) A unique number known only to you. B) Written down somewhere so you don't forget. C) An easy to remember number like your birthday. D) The same as the last 4 digits of your phone number. Show Answer Correct Answer: A) A unique number known only to you. 4. Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it, A) Checking account. B) Savings account. C) Safe deposit box. D) None of above. Show Answer Correct Answer: C) Safe deposit box. 5. When I use my debit card at the store, the money is automatically taken out of my ..... account. A) Savings. B) Checking. C) Inflation. D) Withdraw. Show Answer Correct Answer: B) Checking. 6. Service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another. A) Electronic funds tranfer. B) Electronic financial transitioning. C) Automated teller machine. D) Remote check deposit. Show Answer Correct Answer: C) Automated teller machine. 7. The law that allows for electronic images of checks to be transmitted for processing in place of paper checks is ..... A) Check 21. B) Rule of 72. C) Truth in Lending. D) Going Green Act. Show Answer Correct Answer: A) Check 21. 8. Taking more money out of your account than is available is called? A) Overdraw. B) Deposit. C) Withdraw. D) Balance. Show Answer Correct Answer: A) Overdraw. 9. The standard amount of insurance per customer account provided by the FDIC is: A) $ 100, 000. B) $ 1, 000, 000. C) $ 250, 000. D) $ 500, 000. Show Answer Correct Answer: C) $ 250, 000. 10. The Federal Deposit Insurance Corporation (FDIC) insures depositors against losing their money in the case of a ..... A) Lost debit card. B) Stolen paycheck. C) Bank failure. D) Death in the family. Show Answer Correct Answer: C) Bank failure. 11. Why does the bank go through account verification? A) To make you wait. B) They don't like you. C) They need to make sure you are who you say you are. D) They want to see if you can be patient. Show Answer Correct Answer: C) They need to make sure you are who you say you are. 12. A user-owned, not-for-profit, cooperative financial institution is called a A) Credit union. B) Mutual savings bank. C) Savings and loan association. D) Commercial bank. Show Answer Correct Answer: A) Credit union. 13. Deposits which are payable after the expiry of a fixed period are called- A) Time deposits. B) . C) NONE. D) None of above. Show Answer Correct Answer: A) Time deposits. 14. A common financial service used by many consumers. They can help to manage money and make paying bills more convenient. A) Reconciling. B) Check. C) Checking Account. D) PIN. Show Answer Correct Answer: C) Checking Account. 15. What is the meaning of collateral? A) The legal status of the borrower. B) The financial worth or accumulated wealth of the borrower. C) Assets which the borrower uses to pledge as security against the loan. D) Associated with the quality in the borrower. Show Answer Correct Answer: C) Assets which the borrower uses to pledge as security against the loan. 16. What should you do before you approach an ATM? A) Make sure it is hidden so no one will see you withdraw money. B) Ask someone nearby for help using the ATM. C) Share a picture of your debit card with your friends. D) Check for any suspicious people lurking nearby. Show Answer Correct Answer: D) Check for any suspicious people lurking nearby. 17. All of the following are good check-writing habits EXCEPT A) Write checks in ink. B) Void checks on which you make errors. C) Always fill in the amount. D) Postdate all checks. Show Answer Correct Answer: D) Postdate all checks. 18. Which of the following is TRUE about checking accounts? A) It is illegal not to have a checking account. B) Banks can change the fee policies as long as they put the changes in writing and notify you. C) Banks cannot change fee policies, once you sign up you are locked in for life. D) Checking accounts are a great way to earn interest. Show Answer Correct Answer: B) Banks can change the fee policies as long as they put the changes in writing and notify you. 19. A prearranged amount of credit that is available for a business to use as needed is a ..... A) Line of credit. B) Treasury note. C) Letter of credit. D) Bond. Show Answer Correct Answer: A) Line of credit. 20. What is the gold standard? A) One unit of currency is equal to a set amount of gold. B) The level by which gold is judged. C) The use of gold as a medium of exchange. D) The idea that gold can buy everything. Show Answer Correct Answer: A) One unit of currency is equal to a set amount of gold. ← PreviousNext →Related QuizzesBanking QuizzesBanking And Financial Institutions Quiz 1Banking And Financial Institutions Quiz 2Banking And Financial Institutions Quiz 3Banking And Financial Institutions Quiz 4Banking And Financial Institutions Quiz 5Banking And Financial Institutions Quiz 6Banking And Financial Institutions Quiz 7Banking And Financial Institutions Quiz 8Banking And Financial Institutions Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books