Bank Deposit Notification Requirements
Flashcard
•
Other
•
9th - 12th Grade
•
Practice Problem
•
Easy
Alexander Morton
Used 1+ times
FREE Resource
Student preview
28 questions
Show all answers
1.
FLASHCARD QUESTION
Front
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
Answer A US Treasury Department.
Answer B Federal Deposit Insurance Corporation. (FDIC).
Answer C State Banking Commission.
Answer D Federal Reserve Board.
Back
US Treasury Department.
2.
FLASHCARD QUESTION
Front
Which financial product typically pays the highest rate of interest?
Answer A Savings account
Answer B Money market account
Answer C Certificate of deposit
Answer D Common stock
Back
C. Certificate of deposit
3.
FLASHCARD QUESTION
Front
When James received his paycheck, he planned to cash it at a check cashing store. You advise him to cash it at his own bank if possible. Why?
Answer A They typically require a two day waiting period before giving cash
Answer B They typically charge high fees
Answer C There is likely to be a ceiling on the size of the check he can cash
Answer D They generally require a co-signor
Back
B They typically charge high fees
4.
FLASHCARD QUESTION
Front
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution?
Answer A Credit union
Answer B Commercial bank
Answer C Savings and loan association
Answer D Investment club
Back
A Credit union
5.
FLASHCARD QUESTION
Front
Consumer finance companies, which are often advertised on TV, are also known as:
Answer A Banks
Answer B Savings and loan associations
Answer C Small loan companies
Answer D Purchase loan lenders
Back
C Small loan companies
6.
FLASHCARD QUESTION
Front
Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
Answer A All checking accounts pay interest
Answer B Some types of checking accounts pay interest
Answer C Checking accounts never pay interest
Answer D Checking accounts pay interest if the account balance does not fall below $300.00
Back
B Some types of checking accounts pay interest
7.
FLASHCARD QUESTION
Front
Banks use savings account deposits to:
Answer A Make their services and products attractive for new depositors
Answer B Pay for employee special projects
Answer C Give loans to consumers and businesses
Answer D Improve the quality of life in low-income communities
Back
C Give loans to consumers and businesses
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