Which is NOT a responsibility of the Federal Reserve?

d. Establish the federal budget

What's the purpose of balancing or monitoring your checking account?

b. help calculate how much money you have in your account

What is the best strategy for avoiding ATM fees?

c. Only use ATMs in your bank's network

What is the best way to ensure the accuracy and safety of your account?

a. Monitor your online accounts regularly

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Banking - Career Prep

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Everfi Financial Literacy Banking Module quiz.

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Questions 10

Answers

1
Which is NOT a responsibility of the Federal Reserve?
a. Supervise the Reserve banks
d. Establish the federal budget
b. Maintain a stable banking system
c. Set the nation's monetary policy
2
The 3 parts of the Federal Reserve are Reserve Banks, Federal Open Market Committee, and the:
d. Secretary of State
b. United States Mink
c. Department of the Treasury
a. Board of Governors
3
What's the purpose of balancing or monitoring your checking account?
d. stop identity theft
a. to find out which checks you bounced
b. help calculate how much money you have in your account
c. keep up with how many checks you write
4
Savings accounts usually offer ______interest rates than checking accounts.
b. easier
d. harder
c. higher
a. lower
5
What is the best strategy for avoiding ATM fees?
d. Only use ATMs you have used before
a. Only use ATMs close to your house
c. Only use ATMs in your bank's network
b. Only use ATMs to withdraw cash
6
Which is a unique feature of credit unions?
d. Both A & B
c. offer a wide variety of banking services
a. owned and run by their members
b. limit membership to certain people or groups
7
What is the best way to ensure the accuracy and safety of your account?
b. shred your account statements weekly
d. Balance your checkbook annually
c. Call your customer service center daily
a. Monitor your online accounts regularly
8
Which of the following represent typical account fees?
a. ATM fee
d. All of the above
c. Minimum balance fee
b. Service fees
9
What part of a check is the LEAST important?
a. The check number
c. Memo line
b. Signature line
c. Routing number
10
Which type of account is typically the MOST liquid?
a. Checking account
b. Savings account
c. Certificate of Deposit
Exchanged Traded Fund

Banking - Career Prep Flashcards | StudBud