Test Your Banking Smarts - CentSai Education

1. Which of the following is not a type of account banks offer?

Checking

Savings

Money-market

Interest

Correct!

Wrong!

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2. An overdrawn account can affect your credit.

True

False

Correct!

Wrong!

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3. If you write a check but don’t have the funds in your account, which of the following could happen?

You could be assessed an NSF fee

You be assessed an overdraft fee

Your account could be closed

All of these

Correct!

Wrong!

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4. If Simone Biles wants to deposit funds from endorsement deals in lieu of investing, she should pay close attention to:

Anual percentage yield

Annual maintenance fees

Banker's commission

None of these

Correct!

Wrong!

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5. How do credit unions differ from banks?

They always offer cheaper rates

They operate as for-profit institutions

They operate as nonprofit institutions

They have bankers that will visit your home free of charge

Correct!

Wrong!

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6. If you lose your prepaid debit card, the bank will automatically refund the balance of the stolen.

True

False

Correct!

Wrong!

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7. What does NSF stand for?

Negative salary fund

Nonsufficient funds

Nonstable funds

None of these

Correct!

Wrong!

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8. If Justin Bieber wants to pay for his next BMW with a cashier’s check, what does he need to do?

Call the banker and demand that a check be sent to the dealership

Visit the branch and have the check printed and signed by the receptionist

Visit the branch and have the check printed and signed by the banker

Use a personal check and write cashier’s check at the top

Correct!

Wrong!

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9. Online banks offer several benefits that most mortar banks don’t.

True

False

Correct!

Wrong!

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10. The program banks use to screen your banking history is called:

ChexSystems

Early Warning Services

Both a and b

None of these

Correct!

Wrong!

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11. FDIC is short for:

Fraud Insurance Institute Center

Federal Deposit Insurance Corporation

Finance Deposit Insurance Corporation

Financial Development Institute Compound

Correct!

Wrong!

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12. To open a bank account, you’ll need to provide which of the following:

Name, address, government issued ID

Name, address, date of birth, government issued ID

Name, address, date of birth, social security card

Name, address, date of birth, government issued ID, social security card

Correct!

Wrong!

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