This quiz works best with JavaScript enabled. Home > Finance > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 20 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does Inflation do to the value of money? A) Makes it go up. B) Makes it go down. C) Makes it stay the same. D) None of above. Show Answer Correct Answer: B) Makes it go down. 2. Well-functioning financial markets promote A) Economic growth. B) Inflation. C) Deflation. D) Unemployment. Show Answer Correct Answer: A) Economic growth. 3. Which are not the benefits of factoring? A) Maintenance of the receivables account. B) Protection against default in payment by account receivable. C) Financing the supplier. D) Provide 100% financing. Show Answer Correct Answer: D) Provide 100% financing. 4. What is goal of FSA? A) Maintain financial stability. B) Control of system for the electronic transfer of funds. C) Mainly provides for the licensing and regulation of Islamic banking business in Malaysia. D) To increase money. Show Answer Correct Answer: A) Maintain financial stability. 5. All of these are basic reasons to put your money in a bank, except A) To earn interest. B) To keep it safe. C) To help get a job. D) To make financial transactions easier. Show Answer Correct Answer: C) To help get a job. 6. A transaction is ..... A) Any business done at the bank. B) When you put money into an acount. C) When you take money out of an account. D) When you transfer money from one person to another. Show Answer Correct Answer: A) Any business done at the bank. 7. Which of the following is not a way that banks keep your money safe? A) Identification. B) Enforcement. C) Armor trucks. D) Recordkeeping. Show Answer Correct Answer: C) Armor trucks. 8. The ..... was created by the federal government to supervise and regulate member banks so they serve the public efficiently. A) FBI. B) FIDC. C) Federal Reserve System (FED). D) Credit Union. Show Answer Correct Answer: C) Federal Reserve System (FED). 9. This is a sequence consisting of NINE numbers used by banks to identify specific financial institutions within the US: A) Check account number. B) Memo. C) ABA Number (Check routing number). D) Check number. Show Answer Correct Answer: C) ABA Number (Check routing number). 10. A number allocated to an individual and used to validate electronic transactions. You will have one for your debit card! A) PIN. B) PBS. C) PEN. D) PUN. Show Answer Correct Answer: A) PIN. 11. A financial institution that charges large fees to cash payroll and government checks to people who do not have a bank account. A) Pawnshops. B) Check Cashing Centers. C) Rent-to-own Centers. D) Payday Loan Centers. Show Answer Correct Answer: B) Check Cashing Centers. 12. Financial institution that provides services for businesses. A) Investment bank. B) Credit union. C) Securities firm. D) Savings and loan institution. Show Answer Correct Answer: A) Investment bank. 13. Promotes the development of effective and efficient development financial situations A) BAFIA 1989. B) Central Bank of Malaysia Act 2009. C) Islamic Financial Service Act 2011. D) Development Financial Institutions Act 2002. Show Answer Correct Answer: D) Development Financial Institutions Act 2002. 14. How can you be MOST certain that a stock you own will allow you to vote at stockholder meetings and also earn dividends? A) It must be both a common stock and an income stock. B) It must be both a common stock and a growth stock. C) It must be both a preferred stock and an income stock. D) It must be both a preferred stock and a growth stock. Show Answer Correct Answer: A) It must be both a common stock and an income stock. 15. The major difference in banks and credit unions is ..... A) Banks charge higher fees. B) Credit unions offer lower rate loans. C) Credit unions pay higher interest rates on loans. D) Credit unions are member owned. Show Answer Correct Answer: D) Credit unions are member owned. 16. If you notice charges on your account that you didn't make, what should you do? A) Call your bank's customer service immediately and report the charges immediately. B) Don't do anything til your bank statement comes. C) Call the FBI. D) Wait until you can go to the bank in person and talk to someone. Show Answer Correct Answer: A) Call your bank's customer service immediately and report the charges immediately. 17. If a person wants to keep a personal record of their checking account, they need to have a what: A) Bank Statement. B) Economic Record. C) Check Register. D) Check Stub. Show Answer Correct Answer: C) Check Register. 18. The Fed ..... banks to ensure the soundness of the banking system. A) Opens. B) Closes. C) Runs. D) Regulates. Show Answer Correct Answer: D) Regulates. 19. What is the most important skill to successfully serve customers? A) Listening. B) Speaking. C) Calculating. D) Negotiating. Show Answer Correct Answer: A) Listening. 20. If float averaged $ 800 million per day last year, and the average this year is 5 percent less, what does float average per day this year? A) 7.6 Million. B) 76 Million. C) 760 Million. D) 240 Million. Show Answer Correct Answer: C) 760 Million. 21. The date when the money becomes available is ..... A) Actual date. B) Maturity date. C) Current date. D) None of the above. Show Answer Correct Answer: B) Maturity date. 22. ..... was created to supervise and regulate member banks and to help banks serve the public efficiently. A) Savings & Loan. B) Federal Reserve System. C) Commercial Banking. D) Army Reserves. Show Answer Correct Answer: B) Federal Reserve System. 23. Choose the best answer for information about savings accounts A) Savings accounts limit the number of withdrawals that can be made each month. B) Savings accounts may require you to maintain a minimum balance to avoid paying a fee. C) Savings accounts are best used to store money for longer-term goals. D) All of the above. Show Answer Correct Answer: D) All of the above. 24. RBI Commenced its operations in ..... A) 1934. B) 1935. C) 1947. D) 1949. Show Answer Correct Answer: B) 1935. 25. Which type of check endorsement would consist of an individual's signature only. A) Blank. B) Restrictive. C) Special/full. D) None of above. Show Answer Correct Answer: A) Blank. 26. Philip has made some real poor financial choices that is now coming back to haunt him, but at least he has his car and thankfully it's paid off. He needs some fast cash. What will he most likely do? A) Apply for a loan at his local bank. B) Pawn his title to his car. C) Apply for a small loan at his local Credit Union. D) Visit a payday lender. Show Answer Correct Answer: B) Pawn his title to his car. 27. Is a money transfer scheduled on a predetermined date to pay a recurring bill. A) Automatic Bill Pay. B) Automatic Teller Machine. C) Automatic Overdraft. D) None of the above. Show Answer Correct Answer: A) Automatic Bill Pay. 28. Bank account that allows the account owner to make deposits, write checks, and withdraw money. A) Treasury account. B) Savings account. C) Mutual fund account. D) Checking account. Show Answer Correct Answer: D) Checking account. 29. In the U.S. economy the money supply is controlled by the: A) U.S. Treasury. B) . Federal Reserve System. C) Senate Committee on Banking and Finance. D) . Congress. Show Answer Correct Answer: B) . Federal Reserve System. 30. This institution only provides savings and mortgage loans A) Banks. B) Payday Loan Company. C) Savings and Loans. D) Credit Unions. Show Answer Correct Answer: C) Savings and Loans. ← PreviousNext →Related QuizzesBanking QuizzesFinance 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 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books