This quiz works best with JavaScript enabled. Home > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the prearranged agreement called that an individual can have with a bank totransfer funds from your savings account to your checking account if the checkingaccount does not have enough funds to pay an amount that is debited against yourchecking account A) Balance draft. B) Bad check insurance. C) Interest protection. D) Overdraft protection. Show Answer Correct Answer: D) Overdraft protection. 2. Services offered by Retail Banking include ..... A) Savings & Transactional accounts. B) Mortgages & personal loans. C) Debit cards & Credit cards. D) All of the above. E) None of the above. Show Answer Correct Answer: D) All of the above. 3. Lowest amount of money you must keep in your account A) Minimum balance. B) Checking account. C) Interest. D) Savings account. Show Answer Correct Answer: A) Minimum balance. 4. A machine that allows individuals to complete certain transactions from machine without human assistance A) Savings tool. B) Automated teller machine. C) Commercial bank. D) Online banking. Show Answer Correct Answer: B) Automated teller machine. 5. If you make a mistake writing a check you should A) Write VOID across the check and record it in your transaction register. B) Throw the check away in the trash and write a new one. C) Call the bank and have them cancel the check. D) Erase the errors and write it again. Show Answer Correct Answer: A) Write VOID across the check and record it in your transaction register. 6. ..... is not the duty of an auditor of a bank auditor A) To certify Statutory reports. B) To maintain books of accounts of banks. C) To help the investigator. D) To maintain confidentiality. Show Answer Correct Answer: B) To maintain books of accounts of banks. 7. ..... markets transfer funds from people who have an excess of available funds to people who have a shortage. A) Commodity. B) Fund-available. C) Financial. D) Derivative exchange. Show Answer Correct Answer: C) Financial. 8. When do you have to sign a deposit slip? A) When you receive cash back. B) When you deposit any amount of cash. C) When you deposit more than $ 100. D) When you deposit more than $ 10, 000. Show Answer Correct Answer: A) When you receive cash back. 9. A merchant bank can help an organization specifically in promotion functions A) Sponsoring the issue. B) Marketing. C) All of the above. D) None of above. Show Answer Correct Answer: C) All of the above. 10. What are the two types of accounts available at banks and credit unions? A) Checking and Savings. B) Checking and Loans. C) Savings and Loans. D) Debit and Credit. Show Answer Correct Answer: A) Checking and Savings. 11. What is the total amount of money in a bank account at any given time? A) FDIC. B) Overdraft Fee. C) Account Number. D) Balance. Show Answer Correct Answer: D) Balance. 12. Banks move money between A) Other banks. B) Banks and individual customers. C) Governments. D) All of the answers. Show Answer Correct Answer: D) All of the answers. 13. Which of the following largely eliminated the wide variation of legal regulation from the country's payments system? A) Federal Reserve Act of 1913. B) Uniform Commercial Code of 1958. C) National Banking Act of 1864. D) Expedited Funds Availability Act of 1987. Show Answer Correct Answer: B) Uniform Commercial Code of 1958. 14. Depository institutions that offer many banking services and are owned by their customers A) Commercial bank. B) Credit union. C) Mobile banking. D) Online banking. Show Answer Correct Answer: B) Credit union. 15. Which one of the below is not a service provided by postal Bank of India A) Kisan vikas Patra. B) Issue of national saving certificate. C) Money transfer. D) Mutual Funds. Show Answer Correct Answer: D) Mutual Funds. 16. The Bank Secrecy Act of 1970 requires U.S. financial institutions to assist U.S.government agencies to: A) Set interest rates. B) Detect and prevent money laundering. C) Audit customer accounts. D) Audit financial institutions. Show Answer Correct Answer: B) Detect and prevent money laundering. 17. What is a check that does not appear on the bank statement called? A) Good check. B) Outstanding check. C) Cleared check. D) Bad check. Show Answer Correct Answer: B) Outstanding check. 18. ..... is the process of paying checks and other payments among different banks. A) Investing. B) Clearing. C) Depositing. D) Loaning. Show Answer Correct Answer: B) Clearing. 19. Which of the following statements about check cashing companies is TRUE? A) They have limited operating hours during the day. B) They sometimes offer free services. C) They charge high fees. D) They delay when you can access your cash. Show Answer Correct Answer: C) They charge high fees. 20. Checking account, debit cards, automatic withdrawal, and online payments are examples of ..... A) Savings Services. B) Payment Services. C) Loan Options. D) Investment Advice. Show Answer Correct Answer: B) Payment Services. ← PreviousNext →Related QuizzesBanking QuizzesBanking And Financial Institutions Quiz 1Banking 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 9Banking And Financial Institutions Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books