Question 1

ATMs can be used to withdraw funds from a money market mutual fund.

Accepted Answer

A) True 
 B)False

Question 2

Traveler's check companies guarantee replacement of lost checks if their serial numbers are identified.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements is true regarding mutual savings banks?

Accepted Answer

A)  ​Mutual savings banks provide financial services nationwide. 
B)  ​Accounts in mutual savings banks are not federally insured. 
C)  ​Mutual savings banks are quite similar to savings banks. 
D)  ​Holding savings is the only financial service provided by mutual savings banks. 
A)  ​Mutual savings banks provide financial services nationwide. 
B)  ​Accounts in mutual savings banks are not federally insured. 
C)  ​Mutual savings banks are quite similar to savings banks. 
D)  ​Holding savings is the only financial service provided by mutual savings banks.

Question 4

Savers should select an institution that calculates interest

Accepted Answer

A)  ​daily. 
B)  ​monthly. 
C)  ​quarterly. 
A)  ​daily. 
B)  ​monthly. 
C)  ​quarterly.

Question 5

Both commercial bank and savings bank accounts are insured by the FDIC through a fund called the

Accepted Answer

A)  ​bank insurance fund. 
B)  ​deposit insurance fund. 
C)  ​savings bank insurance fund. 
D)  ​fiduciary trust fund. 
A)  ​bank insurance fund. 
B)  ​deposit insurance fund. 
C)  ​savings bank insurance fund. 
D)  ​fiduciary trust fund.

Question 6

Which of the following sets NOW accounts apart from other checking accounts?

Accepted Answer

A)  ​They are safer. 
B)  ​They are time deposits. 
C)  ​They can be accessed by a debit card. 
D)  ​They pay interest. 
A)  ​They are safer. 
B)  ​They are time deposits. 
C)  ​They can be accessed by a debit card. 
D)  ​They pay interest.

Question 7

Which of the following is a reason why you should reconcile your bank accounts regularly?

Accepted Answer

A)  ​You or your bank may have made a computational error. 
B)  ​Checks you have written may not have cleared your account. 
C)  ​Fees may have been assessed lowering your balance below what you think you have on deposit. 
D)  ​All of these 
A)  ​You or your bank may have made a computational error. 
B)  ​Checks you have written may not have cleared your account. 
C)  ​Fees may have been assessed lowering your balance below what you think you have on deposit. 
D)  ​All of these

Question 8

Brokered certificates of deposit are available through stockbrokers.

Accepted Answer

A) True 
 B)False

Question 9

When a customer uses a debit card to pay for a purchase,funds must be paid as of the next due date on the account.

Accepted Answer

A) True 
 B)False

Question 10

Time deposits are savings that are expected to remain on deposit in a financial institution for an extended period.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following types of payment instruments could you get at your local post office?

Accepted Answer

A)  ​Certified check 
B)  ​Money order 
C)  ​Cashier's check 
D)  ​Traveler's check 
A)  ​Certified check 
B)  ​Money order 
C)  ​Cashier's check 
D)  ​Traveler's check

Question 12

Mutual savings banks are called "mutual" because the depositors own the institution and share in the earnings.

Accepted Answer

A) True 
 B)False

Question 13

Some stored value cards can be "reloaded" with additional funds.

Accepted Answer

A) True 
 B)False

Question 14

If you have an automatic overdraft loan agreement with your bank,money will be borrowed from your MasterCard or Visa as a cash advance when you write a bad check.

Accepted Answer

A) True 
 B)False

Question 15

The goal of monetary asset management is to maximize interest earnings and minimizing fees while keeping funds safe and readily available.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is (are)required to withdraw money from an automated teller machine (ATM)?

Accepted Answer

A)  ​Debit card 
B)  ​Credit card 
C)  ​Personal identification number 
D)  ​ATM card and personal identification number 
A)  ​Debit card 
B)  ​Credit card 
C)  ​Personal identification number 
D)  ​ATM card and personal identification number

Question 17

State-chartered credit unions are often insured by

Accepted Answer

A)  ​NCUSIF. 
B)  ​FDIC. 
C)  ​SAIF. 
D)  ​MSB. 
A)  ​NCUSIF. 
B)  ​FDIC. 
C)  ​SAIF. 
D)  ​MSB.

Question 18

A POS terminal is an electronic computer terminal located at a store or other merchant location that allows the customer to

Accepted Answer

A)  ​use a personal check. 
B)  ​make a cash withdrawal. 
C)  ​get a cash advance. 
D)  ​make purchases. 
A)  ​use a personal check. 
B)  ​make a cash withdrawal. 
C)  ​get a cash advance. 
D)  ​make purchases.

Question 19

A grace period is the time period in days during which deposits or withdrawals can be made and still earn the same interest as other savings from a given day of the interest period.

Accepted Answer

A) True 
 B)False

Question 20

A mutual fund is an investment company that raises money by selling shares to the public and then invests that money in a diversified portfolio of investments.

Accepted Answer

A) True 
 B)False

ATMs can be used to withdraw funds from a money market mutual fund.

Traveler's check companies guarantee replacement of lost checks if their serial numbers are identified.

Which of the following statements is true regarding mutual savings banks?

Savers should select an institution that calculates interest

Both commercial bank and savings bank accounts are insured by the FDIC through a fund called the

Which of the following sets NOW accounts apart from other checking accounts?

Which of the following is a reason why you should reconcile your bank accounts regularly?

Brokered certificates of deposit are available through stockbrokers.

When a customer uses a debit card to pay for a purchase,funds must be paid as of the next due date on the account.

Time deposits are savings that are expected to remain on deposit in a financial institution for an extended period.

Which of the following types of payment instruments could you get at your local post office?

Mutual savings banks are called "mutual" because the depositors own the institution and share in the earnings.

Some stored value cards can be "reloaded" with additional funds.

If you have an automatic overdraft loan agreement with your bank,money will be borrowed from your MasterCard or Visa as a cash advance when you write a bad check.

The goal of monetary asset management is to maximize interest earnings and minimizing fees while keeping funds safe and readily available.

Which of the following is (are)required to withdraw money from an automated teller machine (ATM)?

State-chartered credit unions are often insured by

A POS terminal is an electronic computer terminal located at a store or other merchant location that allows the customer to

A grace period is the time period in days during which deposits or withdrawals can be made and still earn the same interest as other savings from a given day of the interest period.

A mutual fund is an investment company that raises money by selling shares to the public and then invests that money in a diversified portfolio of investments.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Investing Through Mutual Funds

Real Estate and High-Risk Investments

Retirement Planning

Filters

Exam 5: Managing Checking and Savings Accounts

ATMs can be used to withdraw funds from a money market mutual fund.

Traveler's check companies guarantee replacement of lost checks if their serial numbers are identified.

Which of the following statements is true regarding mutual savings banks?

Savers should select an institution that calculates interest

Both commercial bank and savings bank accounts are insured by the FDIC through a fund called the

Which of the following sets NOW accounts apart from other checking accounts?

Which of the following is a reason why you should reconcile your bank accounts regularly?

Brokered certificates of deposit are available through stockbrokers.

When a customer uses a debit card to pay for a purchase,funds must be paid as of the next due date on the account.

Time deposits are savings that are expected to remain on deposit in a financial institution for an extended period.

Which of the following types of payment instruments could you get at your local post office?

Mutual savings banks are called "mutual" because the depositors own the institution and share in the earnings.

Some stored value cards can be "reloaded" with additional funds.

If you have an automatic overdraft loan agreement with your bank,money will be borrowed from your MasterCard or Visa as a cash advance when you write a bad check.

The goal of monetary asset management is to maximize interest earnings and minimizing fees while keeping funds safe and readily available.

Which of the following is (are)required to withdraw money from an automated teller machine (ATM)?

State-chartered credit unions are often insured by

A POS terminal is an electronic computer terminal located at a store or other merchant location that allows the customer to

A grace period is the time period in days during which deposits or withdrawals can be made and still earn the same interest as other savings from a given day of the interest period.

A mutual fund is an investment company that raises money by selling shares to the public and then invests that money in a diversified portfolio of investments.

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Investing Through Mutual Funds

Real Estate and High-Risk Investments

Retirement Planning

Filters