This quiz works best with JavaScript enabled. Home > Finance > Banking > Banking And Financial Institutions > Banking And Financial Institutions – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Banking And Financial Institutions Quiz 23 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is a central bank normally connected to and what does it do? A) None. B) It is normally part of or connected to the government of a country and manages the country's financial system. C) It runs the government. D) It is usually connected to money and sends it all over the world. Show Answer Correct Answer: B) It is normally part of or connected to the government of a country and manages the country's financial system. 2. Up-selling or cross-selling involves bank contact centers reaching out to customerswith all of the following strategies except: A) Product configurations. B) Product-centric approach. C) Product bundles. D) Prices designed specifically to meet the needs of customers. Show Answer Correct Answer: B) Product-centric approach. 3. Which one of the following is not an example of an agency that is focused on makingbanking safe and mutually beneficial across international borders? A) International Monetary Fund. B) Bank for International Settlement. C) President's Working Group on Financial Markets. D) Asia Pacific Economic Cooperation. Show Answer Correct Answer: C) President's Working Group on Financial Markets. 4. Which of the following is a tax that is taken on the money you earn from the job you preform? A) Estate Tax. B) Sales tax. C) Social Security Tax. D) Income Tax. Show Answer Correct Answer: D) Income Tax. 5. Anything of value that can be readily exchanged A) Liability. B) Equity. C) Asset. D) Liquid asset. Show Answer Correct Answer: D) Liquid asset. 6. Banks make loans because they make most of their income from the ..... they charge borrowers. A) Classes. B) Interest. C) Fees. D) Services. Show Answer Correct Answer: B) Interest. 7. Which of the following questions is NOT available with online banking? A) Order bank statements. B) Set up direct debits. C) Transfer cash between accounts. D) Cash withdrawal. Show Answer Correct Answer: D) Cash withdrawal. 8. What federal organization insures banks? A) FDIC. B) FDDC. C) FDCI. D) FDOC. Show Answer Correct Answer: A) FDIC. 9. Has a built in microprocessor instead of a magnetic security strip A) Saving accounts. B) Smart cards. C) Funds. D) None of above. Show Answer Correct Answer: B) Smart cards. 10. Which of the below statements is false? A) Loan should be granted only after verifying the creditworthiness of borrower. B) All Securities should be kept in safe custody. C) Surprise checks should be made. D) All employees of the banks can have access to books of accounts of the banks. Show Answer Correct Answer: D) All employees of the banks can have access to books of accounts of the banks. 11. Bank Negara Malaysia was established on ..... A) 26 January 1959. B) 23 January 1959. C) 25 January 1959. D) 24 January 1959. Show Answer Correct Answer: A) 26 January 1959. 12. To sign the back of the check A) Statement. B) Overdrawn. C) Debit card. D) Endorse. Show Answer Correct Answer: D) Endorse. 13. Computer terminal that allows the withdrawal of cash and perform other banking transcactions. A) ATF. B) FDIC. C) IRS. D) ATM. Show Answer Correct Answer: D) ATM. 14. 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. 15. 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. 16. The paper money used in the United States is: A) Federal Reserve Notes. B) Treasury Notes. C) National Bank Notes. D) United States Notes. Show Answer Correct Answer: A) Federal Reserve Notes. 17. A check-cashing outlet is commonly used by A) People who do not have a bank account. B) People who have life insurance. C) Consumers who want to buy homes. D) Investors who desire a high rate of return. Show Answer Correct Answer: A) People who do not have a bank account. 18. When writing a check, include all of the following except ..... A) The name of the payee. B) An endorsement on the back. C) Your signature on the front. D) The current date. Show Answer Correct Answer: B) An endorsement on the back. 19. What will the bank request from you? A) An ID. B) A selfie to have on file. C) A gas bill. D) A cellphone bill. Show Answer Correct Answer: A) An ID. 20. Money helps us measure economic transactions as a common measure of value. A) Store of value. B) Unit of account. C) Medium of exchange. D) Measure of value. Show Answer Correct Answer: B) Unit of account. 21. 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. 22. 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) Savings Account. B) Checking Account. C) Credit Union. D) Piggy Bank. Show Answer Correct Answer: A) Savings Account. 23. If you lose your ATM card you should ..... A) Move your accounts to another financial institution. B) Report the loss to the issuing bank. C) Notify the FDIC within 24 hours. D) Cancel the last purchase made with the card. Show Answer Correct Answer: B) Report the loss to the issuing bank. 24. 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. 25. As a function of money, ..... means that money is a common measure of the worth or price of a good or service. A) Monetary system. B) Unit of value. C) Banknote. D) Store of value. Show Answer Correct Answer: B) Unit of value. 26. What do we call the extra money paid back on a loan? A) Public goods. B) Interest. C) Taxes. D) Deposits. Show Answer Correct Answer: B) Interest. 27. People buy ..... to provide financial stability for their dependents. A) Car Loans. B) Deposits. C) Homes. D) Life Insurance. Show Answer Correct Answer: D) Life Insurance. 28. 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) Bank. B) Credit card. C) Interest. D) Loan. Show Answer Correct Answer: D) Loan. 29. Putting money into an account is known as ..... A) Placing. B) Depositing. C) Withdrawing. D) Sinking. Show Answer Correct Answer: B) Depositing. 30. 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. ← 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