Transcript Test Review

Test Review
Banking
1
• List the guidelines for selecting
a PIN number.
• Don’t pick a number that
anyone else could figure out.
2
• A loan to buy real estate.
• Mortgage
3
• What does ATM stand for?
• Automated Teller Machine
4
• Checking account holders fill
this out when they first open
their account to help the bank
avoid accepting forged checks.
• Signature card
5
• The type of endorsement
where you just sign your name
on the back of the check.
• Blank
6
• What amount of money is
protected by FDIC insurance
per depositor per account?
• $100,000
7
• Name for a savings account at
a credit union.
• Share account
8
• List an example of a service
provided by brokerage firms.
• Brokerage firms sell stocks,
bonds, and other investment
products. They also offer
financial counseling.
9
• Name the type of insurance
that protects depositors at
Savings & Loans.
• SAIF
10
• Explain the difference between
a credit card and a debit card.
• Credit card=high interest loan
• Debit card=a way to access
the $ in your checking account
11
• Why should a checking account
customer avoid endorsing their
check before they bring it to the
bank to deposit it?
• If you lose it, someone else could
cash it.
12
• Name the type of insurance
that protects depositors at
commercial banks.
• FDIC
13
• A type of investment where the
investor lends money to a
corporation.
• Bond
14
• How often are bank
statements usually mailed to
checking account customers?
• Monthly
15
• Name 1 advantage of having
your money in a bank account.
• Can’t lose it.
• Can’t be stolen.
• Interest.
16
• What does PIN stand for?
• Personal identification number
17
• Name the type of insurance
that protects depositors at
credit unions.
• NCUA
18
• What term describes a
transaction that has not
appeared on your bank
statement & has not cleared
the bank?
• Outstanding
19
• When does the depositor need
to sign their deposit slip?
• When they are getting cash
back.
20
• A term for the person to whom
the check is written.
• payee
21
• A type of investment that
represents ownership in a
corporation.
• Stock
22
• Name 2 services offered by
brokerage firms.
• Retirement accounts
• Stocks
• bonds
23
• List a benefit to internet
banking.
• Can access balance & account
activity at any time.
• Allows customer to transfer
money from one account to
another.
24
• “Pay to the order of David
Davidson, Sandy Sanderson”
is an example of what type of
endorsement?
• special
25
• What is the purpose of the
verification number on the
back of the debit card?
• This number is used for online
transactions to prove the
person ordering products has
the card in their possession.
26
• With this type of savings
account, the depositor gets a
better interest rate but must
leave their money in the account
for a stated length of time.
• Certificate of Deposit (CD)
27
• “For deposit only Account #
123456789, Jane Doe” is an
example of what type of
endorsement?
• Restrictive
28
• When reconciling your
checking account, you
_______ outstanding deposits
to the bank balance.
• Add
29
• Money earned on a deposit at
a bank is referred to as
_________.
• Interest
30
• The person to whom a check is written is
the ___________.
• Payee
31
• A check that has been
stamped to show it has been
paid is said to be _________.
• Canceled
32
• A(n) _________ is a legal
document that functions like
cash.
• Check
33
• A monthly record of all activity
within a bank account that is
provided by the bank.
• Bank statement
34
• True or False: A person may
claim 1 allowance on their W-4
if nobody else can claim them
as a dependent.
• True
35
• True or False: You must
complete a deposit slip to use
your debit card.
• False
36
• True or False: South Dakota
has a state income tax.
• False
37
• True or False: A checking
account customer can write
checks until they run out of
checks.
• False
38
• True or False: The balance
the bank says you have is
always the correct balance.
• False
39
• True or False: Most people
use safe-deposit boxes to
store cash.
• False
40
• True or False: Credit unions
are non-profit businesses.
• True
41
• True or False: It is only
necessary to sign a deposit
slip if you are receiving part of
your deposit back in cash.
• True
42
• True or False: Most
Americans have little need for
bank accounts.
• False
43
• True or False: Direct deposit
is when an employee’s
paycheck is automatically put
into their bank account on
payday.
• True
44
• True or False: A bank
customer can deposit money
into their account by using an
ATM.
• True
Final Question Directions
• Write down your bet. You must
bet at least 1 point. You may
bet up to the number of points
your group has scored.
Final Question
• Compare and contrast the
following types of financial
institutions.
1. Savings & Loan
2. Commercial Bank
3. Credit Union
4. Brokerage Firm