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W!SE Banking Review Flashcards | StudBud

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W!SE Banking Review

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Banking review questions for W!SE Financial Literacy Test.

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Questions 10

Answers

1
A blank endorsement on a check:
Restricts the use of the check
Creates a check that can be cashed by anyone
Has no effect on the check
Cancels the check
2
The National Credit Union Administration (NCUA) insures accounts in:
Credit unions
Savings banks
Commercial banks
Brokerage firms
3
Your friend wonders if checking accounts pay interest. How would you respond to her?
Checking accounts pay interest if your balance is over $300.
Checking accounts never pay interest
All checking accounts pay interest
Some types of checking accounts pay interest
4
Financial services and products generally offered by banks and credit unions include:
Savings and loans
Savings and loans
Business plans
Real estate listings
5
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 Corporation. (FDIC).
US Treasury Department
Federal Reserve Board.
6
Travelers checks, often used for vacations:
Are free at most banks
Are equivalent to credit cards
Are FDIC insured
Function as cash and are easily replaced if lost
7
Which financial product may pay a dividend?
Certificate of deposit
Money market account
Common stock
Savings account
8
Which documents should be stored in a safe-deposit box?
Mortgage loan papers.
Copies of current and past budgets.
Current paycheck stubs.
Checkbook statements.
9
The phrase used for putting money into a savings account is:
Making a withdrawal.
Making a deposit.
Balancing the account.
Verifying the account.
10
The ease and speed with which you can convert savings or an investment to cash is called:
Principal
Liquidity
Convertibility
Rate of return