What is an exchange rate? (Select the best answer.)


Question 1 options:


How much a currency is worth when it's exchanged with another country's currency



How much bills are worth when they're exchanged with cash



How much dollars are worth when they are exchanged with coins



How much bonds are worth when they're exchanged with cash


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Question 2 (1 point) Question 2 Unsaved


What is the amount of money in a bank account called? (Select the best answer.)


Question 2 options:


Check register



Debit



Account total



Balance


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Question 3 (1 point) Question 3 Unsaved


If it's important to you to talk to a bank employee, which transaction method should you choose? (Select the best answer.)


Question 3 options:


Online



Bank branch



Funds transfer



Direct deposit


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Question 4 (1 point) Question 4 Unsaved


Which of the following is less important to consider when choosing a bank? (Select the best answer.)


Question 4 options:


The number of employees at each bank branch



The types of accounts the bank offers



The financial services the bank offers



The distance between the bank and your home


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Question 5 (1 point) Question 5 Unsaved


Which of the following is typically not a feature of checking accounts? (Select the best answer.)


Question 5 options:


A minimum balance



A debit card



ATM transactions



Interest


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Question 6 (1 point) Question 6 Unsaved


Which type of check endorsement includes text that states you shouldn't be responsible if its funds are insufficient? (Select the best answer.)


Question 6 options:


Special endorsement



Restrictive endorsement



Qualified endorsement



Blank endorsement


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Question 7 (1 point) Question 7 Unsaved


What is an overdraft? (Select the best answer.)


Question 7 options:


Going below the minimum balance of your account



Spending more money than you have in your account



Not making deposits frequently enough



Making purchases at too many different retailers


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Question 8 (1 point) Question 8 Unsaved


Which of the following is a right that's given to anyone who has a bank account? (Select the best answer.)


Question 8 options:


The right to be told what fees or minimum balances an account has



The right to change the minimum balance on the account



The right to write an unlimited number of checks



The right to refuse to pay overdraft fees


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Question 9 (1 point) Question 9 Unsaved


What does using your checking register let you do? (Select the best answer.)


Question 9 options:


Keep track of the visits you make to a bank branch



Keep track of transactions that affect an account



Make electronic transfer payments



Make purchases online


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Question 10 (1 point) Question 10 Unsaved


What is direct deposit? (Select the best answer.)


Question 10 options:


A deposit you make at an ATM



An interest payment from the bank



A deposit an employer makes into an employee's account



A deposit you make between two bank accounts


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Question 11 (1 point) Question 11 Unsaved


A __________ is when you move money from one bank account to another. (Select the best answer.)


Question 11 options:


Deposit



Transfer



Withdrawal



ATM transaction


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Question 12 (1 point) Question 12 Unsaved


Which of the following might a bank do to ensure customers' money stays in the bank? (Select the best answer.)


Question 12 options:


Allow customers unlimited withdrawals



Require minimum balances



Set very low interest rates



Refuse to offer interest


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Question 13 (1 point) Question 13 Unsaved


Which of the following is a risk banks should prepare for? (Select the best answer.)


Question 13 options:


Too many people requesting loans



Borrowers who don't pay back loans



People switching to online transactions



Falling interest rates


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Question 14 (1 point) Question 14 Unsaved


What does the FDIC do? (Select the best answer.)


Question 14 options:


Regulates national interest rates



Provides bank account information to customers



Provides insurance on money in bank accounts



Prints currency


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Question 15 (1 point) Question 15 Unsaved


Why is a bank willing to protect your money for free or for a low cost? (Select the best answer.)


Question 15 options:


Because the bank is a free service provided by the government



Because the bank can invest your money to make more money for itself



Because the bank is not interested in making a profit



Because the bank won't allow you to remove all of the money from your account


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