This quiz works best with JavaScript enabled. Home > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Mary has endorsed a check by writing "For deposit only" above his signature. This is a A) Restrictive endorsement. B) Blank endorsement. C) Full endorsement. D) Special endorsement. Show Answer Correct Answer: A) Restrictive endorsement. 2. The ..... acts as the federal government's bank A) Federal Reserve Bank. B) Bank of America. C) First Bank of the United States. D) National Bank of the United States. Show Answer Correct Answer: A) Federal Reserve Bank. 3. Form you fill out with personal and employment information. A) Bank. B) Bank account. C) Balance. D) Application. Show Answer Correct Answer: D) Application. 4. Signing the back of a check, along with the words "For Deposit Only" is which type of endorsement? A) Blank. B) Restrictive. C) Special. D) Good. Show Answer Correct Answer: B) Restrictive. 5. A nonprofit financial institution that is privately owned and provides banking services for its members is called a ..... A) Trust department. B) Credit union. C) Insurance agency. D) Bank. Show Answer Correct Answer: B) Credit union. 6. Which is a difference between Banks and Credit Unions? A) Banks have Checking accounts and Credit Unions have Savings Accounts. B) Banks are for profit. Credit Unions are Non-profit. C) Banks can give loans and Credit Unions cannot. D) Credit Unions allow everyone to join and Banks are selective. Show Answer Correct Answer: B) Banks are for profit. Credit Unions are Non-profit. 7. When must you 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. 8. Unchanging rate of interest A) Variable Interest Rate. B) Savings. C) Fixed interest rate. D) Interest. Show Answer Correct Answer: C) Fixed interest rate. 9. One job of the Federal Reserve is A) Withholding social security. B) Holding of reserves. C) Loaning individuals money. D) Collecting outstanding loans. Show Answer Correct Answer: B) Holding of reserves. 10. An individual who hold legal control of assets in a trust account is known as which of the following? A) Controller. B) Dependent. C) Claimer. D) Beneficiary. Show Answer Correct Answer: D) Beneficiary. 11. ..... normally has a maturity between 6 months to 3 years and more.i. term loanii. personal loaniii. housing loan A) I. B) Ii. C) Iii. D) None of above. Show Answer Correct Answer: B) Ii. 12. For-profit depository businesses that offer financial services to both consumers and other businesses A) Checking account. B) Debit card. C) Commercial bank. D) Mobile banking. Show Answer Correct Answer: C) Commercial bank. 13. Is the minimum dollar amount that a customer must have in an account to receive some service benefits, such as keeping the account open or receiving interest OR to avoid paying account maintenance fees A) Maximum Balance. B) Minimum Liquid Assets. C) Minimum Balance. D) None of the above. Show Answer Correct Answer: C) Minimum Balance. 14. Money that has no intrinsic value and does not represent another valuable commodity in a vault somewhere. A) Representative money. B) Commodity money. C) Monopoly money. D) Fiat money. Show Answer Correct Answer: D) Fiat money. 15. Consumers can borrow money from banks to A) Get a credit card. B) Raise capital. C) Purchase a home or pay for college. D) Save money. Show Answer Correct Answer: C) Purchase a home or pay for college. 16. Why do banks charge you fees? A) For different services. B) They want money. C) Because they are mean. D) So I can leave their bank. Show Answer Correct Answer: A) For different services. 17. Financial institutions are monitored through which of the following? A) Federal Reserve System. B) National Banking Union Administration. C) Federal Deposit Insurance Corporation. D) National Financial Institution Agency. Show Answer Correct Answer: A) Federal Reserve System. 18. In the United States, the money supply (M1) is comprised of: A) Coins, paper currency, and checkable deposits. B) . currency, checkable deposits, and Series E bonds. C) Coins, paper currency, checkable deposits, and credit balances with brokers. D) Paper currency, coins, gold certificates, and time deposits. Show Answer Correct Answer: A) Coins, paper currency, and checkable deposits. 19. What is the additional insurance that many finance companies require owners to payfor when they finance an auto loan? A) Gap. B) Home. C) Life. D) Payment. Show Answer Correct Answer: A) Gap. 20. Financial institutions that get funds from the public and use them to finance their business A) Depositor. B) Depository intermediary. C) Wholesale bank. D) Nondepository intermediary. Show Answer Correct Answer: B) Depository intermediary. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books