If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
State Banking Commission.
Federal Deposit Insurance
... [Show More] Corporation. (FDIC).
US Treasury Department.
Federal Reserve Board. - US Treasury Department
Safe-deposit boxes are:
Safe and can be accessed only by the owner of the box
Available at all banks
Convenient and accessible at any hour of the day or evening
A free benefit for accounts with deposits starting at $50,000 - Safe and can be accessed only by the owner of the box
The financial institution where Ms. Sanchez has her checking account will continue to pay out
money for the checks she writes as long as:
The financial institution has sufficient funds
There is enough money in Ms. Sanchez's account to cover the amount of the checks
She uses checks from her checkbook
She maintains a good record of deposits and handles her account responsibly - There is enough money in Ms. Sanchez's account to cover the amount of the checks
"The Fed" is short for:
FBI
The Federal Reserve System
The Federal Deposit Insurance Corporation
Congress - The Federal Reserve System
Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
Hand valuables over to their attorney
Rent a safe deposit box for their valuables
Store valuables in locked drawer
Store valuables in a cabinet at home - Rent a safe deposit box for their valuables
The phrase used for putting money into a savings account is:
Making a deposit
Verifying the account
Balancing the account
Making a withdrawal - Making a deposit
Banks use savings account deposits to:
Improve the quality of life in low-income communities
Give loans to consumers and businesses
Make their services and products attractive for
new depositors
Pay for employee special projects - Give loans to consumers and businesses
Which financial product typically pays the highest rate of interest?
Money market account
Certificate of deposit
Savings account
Common stock - Certificate of deposit
(Common stock= no interest but all the other ones have interest. Savings account= lowest interest)
Financial services and products generally offered by banks and credit unions include:
Legal services
Savings and loans
Business plans
Real estate listings - Savings and loans
The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:
Money deposited in savings accounts are F.D.I.C. insured
Most savings accounts earn a guaranteed rate of interest
Money in a savings account can be accessed any time during the day or night
Most savings accounts come with a free credit card - Money deposited in savings accounts are F.D.I.C. insured
Which of the following does the Federal Reserve use to regulate the nation's money supply?
Proposing legislation
Fiscal policy
Monetary policy
Regulations - Monetary policy
Scott just got an ATM card to use and must choose a PIN (Personal Identification Number). How should he select a PIN that will give him maximum protection against anyone else being able to find out what the PIN is?
Use the name of a friend, family member, or pet
Use a random selection of letters and numbers
Use his first initial and last name as his personal identification number
Use his birth date as his personal identification number - Use a random selection of letters and numbers
Purchases made with your debit card are usually:
Deducted from your credit card balance
Deducted immediately from your checking account
Put on your credit card bill as a cash advance
Added to your credit card balance - Deducted immediately from your checking account
Money for saving, investing, or spending cannot be from:
An inheritance from someone who has died
Discretionary income or a gift of money
Capital gains from a sale of stock
Capital losses from the sale of stock - Capital losses from the sale of stock
The denominations of coins in the United States are:
$.01, $.30, $.50, and $5.00
$.01, $.05, $.10, $.25, $.50, and $1.00
$.05, $.10, $.50, $.75, and $10.00
Coins can be in any denomination a consumer
desires - $.01, $.05, $.10, $.25, $.50, and $1.00
The common name for U.S. currency is:
Blue backs
Yellow backs
Orange backs
Green backs - Green backs
Which statement is FALSE about most ATM (Automated Teller Machine) cards?
You can always get cash anywhere in the world with no fee.
You can generally obtain information concerning your account balance(s) at an ATM machine.
You must have an account with a financial institution to have an ATM card.
You can generally get cash 24 hours a day, seven days a week. - You can always get cash anywhere in the world with no fee.
New coins and currency make their way into the general economy, consumers and
businesses, through the distribution system of the:
Federal Reserve System
Treasurer of the United States
Secretary of the Department of Treasury
U.S. Federal Mint - U.S. Federal Mint
A type of electronic funds transfer (EFT) is:
An ATM transaction
A deposit made with a bank teller
Not widely used by consumers
A transaction made with a check - An ATM transaction [Show Less]