This quiz works best with JavaScript enabled. Home > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Financial institution that is involved in the trading of securities in the financial market. A) Securities firm. B) Finance company. C) Credit Union. D) Commercial bank. Show Answer Correct Answer: A) Securities firm. 2. IFSC Code stands for ..... A) Indian Foreign Service code. B) Indian Full Service carrier. C) Instant Free space credit. D) Indian Financial system code. E) None of these. Show Answer Correct Answer: D) Indian Financial system code. 3. A ..... enables you to withdraw cash from your account at ATMs or to pay directly for goods or services at many businesses. A) Credit card. B) Debit card. C) NOW card. D) Check register. Show Answer Correct Answer: B) Debit card. 4. Which deposit institution provides savings accounts, make loans to individuals and businesses and offer other services? A) Credit Unions. B) Mutual Savings Banks. C) Savings and Loan Association. D) Commercial Bank. Show Answer Correct Answer: D) Commercial Bank. 5. Which of the following cannot be covered by insurance? A) Fire damage. B) Car accident. C) Power outage. D) Lost items. Show Answer Correct Answer: D) Lost items. 6. Fill in the blanks.Hani can withdraw, deposit, transfer or pay bills, etc. as many times as he needs. His bank gives him ..... A) NSF charge. B) Overdraft protection. C) Unlimited transactions. D) Fee waiver. Show Answer Correct Answer: C) Unlimited transactions. 7. Type of check endorsement that is "for deposit only" A) Blank Endorsement. B) Restrictive Endorsement. C) Special Endorsement. D) None of above. Show Answer Correct Answer: B) Restrictive Endorsement. 8. If you make an error on a check, what should you do? A) Void the check and write a new one. B) Make corrections and initial the change. C) Use whiteout to fix the error. D) Throw the check away and write a new one. Show Answer Correct Answer: A) Void the check and write a new one. 9. What is a financial statement owned by its members called? A) Bank. B) Depository. C) Money place. D) Credit union. Show Answer Correct Answer: D) Credit union. 10. Is a payment card that deducts money directly from a consumer's checking account to pay for a purchase. cards eliminate the need to carry cash or physical checks to make purchases. BUY NOW, PAY NOW. A) Prepaid Card. B) Debit Card. C) Credit Card. D) ATM Card. Show Answer Correct Answer: B) Debit Card. 11. Functions of banks A) Discounting of bills. B) Hiring safe deposit lockers. C) Conducting foreign exchange transactions. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Suppose over the next 10 years the prices of the things you buy double. If your income ALSO doubles, how much will you be able to buy in 10 years? A) Less. B) The same. C) More. D) None of above. Show Answer Correct Answer: B) The same. 13. The Services of banks are called ..... A) Saving account. B) Banking. C) Current account. D) All of the above. Show Answer Correct Answer: B) Banking. 14. A ..... is type of financial investment issued by a corporation, government, or other organization. A) Loan. B) Security. C) Banknote. D) Financial exchange. Show Answer Correct Answer: B) Security. 15. A strategy for using money to reach important goals and to advance your financial security A) Savings plan. B) Interest plan. C) Budget. D) None of above. Show Answer Correct Answer: A) Savings plan. 16. What do we call the amount left over from your paycheck after taxes and deductions? A) Balance. B) Gross balance. C) Transaction. D) Net pay. Show Answer Correct Answer: D) Net pay. 17. Will needs a better way travel to and from work. What type of loan does he need? A) Home equity. B) Business. C) Auto. D) Mortgage. Show Answer Correct Answer: C) Auto. 18. You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? A) Compounding 1 time per year. B) Compounding quarterly. C) Compounding monthly. D) Compouding daily. Show Answer Correct Answer: D) Compouding daily. 19. Everything else held constant, an increase in interest rates on student loans A) Increases the cost of a college education. B) Reduces the cost of a college education. C) Has no effect on educational costs. D) Increases costs for students with no loans. Show Answer Correct Answer: A) Increases the cost of a college education. 20. What can affect whether banks or other financial institutions are interested in offering an individual a loan? A) Personal credit. B) Financial knowledge. C) Financial experience. D) Business credit. Show Answer Correct Answer: A) Personal credit. ← 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