This quiz works best with JavaScript enabled. Home > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Computer terminal that allows the withdrawal of cash and perform other banking transcactions. A) FDIC. B) ATM. C) ATF. D) IRS. Show Answer Correct Answer: B) ATM. 2. Credit Unioncharacteristics: A) Are for people, not for profit, fawer fees, better rates. B) Arefor profit, more fees, worse rates. C) Are not for profit, more fees, worse rates. D) None of above. Show Answer Correct Answer: A) Are for people, not for profit, fawer fees, better rates. 3. What is the full form of DICGC? A) Derivative Investment and Commercial Governance Committee. B) Depository Investment and Commodity Governance Committee. C) Deposit Insurance and Credit Grantee Corporation. D) None. Show Answer Correct Answer: C) Deposit Insurance and Credit Grantee Corporation. 4. The paper money used in the United States is: A) National Bank Notes. B) Treasury Notes. C) United States Notes. D) Federal Reserve Notes. Show Answer Correct Answer: D) Federal Reserve Notes. 5. A check-cashing outlet is commonly used by A) People who have life insurance. B) People who do not have a bank account. C) Investors who desire a high rate of return. D) Consumers who want to buy homes. Show Answer Correct Answer: B) People who do not have a bank account. 6. When writing a check, include all of the following except ..... A) The current date. B) The name of the payee. C) Your signature on the front. D) An endorsement on the back. Show Answer Correct Answer: D) An endorsement on the back. 7. What will the bank request from you? A) An ID. B) A cellphone bill. C) A gas bill. D) A selfie to have on file. Show Answer Correct Answer: A) An ID. 8. Money helps us measure economic transactions as a common measure of value. A) Medium of exchange. B) Store of value. C) Unit of account. D) Measure of value. Show Answer Correct Answer: C) Unit of account. 9. Which of the following statements about banks is NOT true? A) Banks are essential to maintaining the economy. B) All banks are organized as corporations. C) BAnks distribute the medium of exchange. D) Banks may be chartered by either federal or state governments. Show Answer Correct Answer: B) All banks are organized as corporations. 10. Liquidity is A) The ability to access cash quickly. B) The ability to pay online. C) The ability to have your money in the bank insured. D) The ability to access your bank records. Show Answer Correct Answer: A) The ability to access cash quickly. 11. Bank account used to store money for longer term goals. Fees vary but are often waived if you maintain a minimum balance or make a minimum monthly deposit. You may only make 6 withdrawals per month! Interest can be earned daily, weekly, monthly, or annually A) Checking Account. B) Savings Account. C) Piggy Bank. D) Credit Union. Show Answer Correct Answer: B) Savings Account. 12. If you lose your ATM card you should ..... A) Report the loss to the issuing bank. B) Cancel the last purchase made with the card. C) Notify the FDIC within 24 hours. D) Move your accounts to another financial institution. Show Answer Correct Answer: A) Report the loss to the issuing bank. 13. Cancellation of crossing of a cheque is called ..... A) Mutilated cheque. B) Torned cheque. C) Material alterations. D) None of these. Show Answer Correct Answer: C) Material alterations. 14. As a function of money, ..... means that money is a common measure of the worth or price of a good or service. A) Banknote. B) Store of value. C) Monetary system. D) Unit of value. Show Answer Correct Answer: D) Unit of value. 15. What do we call the extra money paid back on a loan? A) Deposits. B) Interest. C) Public goods. D) Taxes. Show Answer Correct Answer: B) Interest. 16. People buy ..... to provide financial stability for their dependents. A) Homes. B) Car Loans. C) Life Insurance. D) Deposits. Show Answer Correct Answer: C) Life Insurance. 17. The act of giving money, property or other material goods to a another party in exchange for future repayment of the principal amount along with interest or other finance charges. A) Interest. B) Credit card. C) Loan. D) Bank. Show Answer Correct Answer: C) Loan. 18. Putting money into an account is known as ..... A) Sinking. B) Placing. C) Withdrawing. D) Depositing. Show Answer Correct Answer: D) Depositing. 19. You receive 4 checks for birthday gifts and you want to deposit them in your account you should ..... A) Only sign them on the back when you get to the bank or use a restrictive endorsement. B) Sign them on the back immediently. C) Put them in an envelope and deposit them without signing to prevent fraud. D) Mail them to the bank with a deposit slip. Show Answer Correct Answer: A) Only sign them on the back when you get to the bank or use a restrictive endorsement. 20. This is a check guaranteed by a bank: A) Certified Check. B) Cashiers Check. C) ATM Check. D) Certificate of Deposit. Show Answer Correct Answer: A) Certified Check. ← 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