John needs $3,000. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It is likely that he will have to

Deca 37-45

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Other
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9th - 12th Grade
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
Back
pay the bank a penalty for early withdrawal.
2.
FLASHCARD QUESTION
Front
When a check is returned due to insufficient funds, the check is said to have
Back
bounced.
3.
FLASHCARD QUESTION
Front
A form of payment that is guaranteed to be as good as cash is a
Back
bank check.
4.
FLASHCARD QUESTION
Front
Deposits in bank savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to
Back
$250,000.
5.
FLASHCARD QUESTION
Front
Which one of the following statements is the most accurate about the use of ATM cards? Options: A. A person can generally get an interest free loan at any bank ATM with no fee. B. A person can always charge a purchase using an ATM card. C. A person can get cash anywhere in the world using an ATM with no fee. D. A person must have a bank account to have an ATM card.
Back
A person must have a bank account to have an ATM card.
6.
FLASHCARD QUESTION
Front
Which of the following financial products is good to have so that a person can cover cash needs today? A. Bonds. B. Individual Retirement Account (IRA). C. Life insurance. D. Regular checking account.
Back
Regular checking account.
7.
FLASHCARD QUESTION
Front
A person writes a check for more money than he has in his checking account. In order for the check to be paid by the bank, he needs to have
Back
overdraft protection.
8.
FLASHCARD QUESTION
Front
Many companies offer a service to electronically deposit an employee’s net pay into his designated bank account. This service is known as
Back
direct deposit.
9.
FLASHCARD QUESTION
Front
When a person cashes a $300 check and only receives $285, she most likely went to a/an?
Back
check cashing store.
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