Planning for Living & Leisure

Planning for Living & Leisure - Leasing vs Buying a Car

Multiple Choice

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the

• US Treasury Department.

• Federal Deposit Insurance Corporation. (FDIC).

• State Banking Commission.

• Federal Reserve Board.

Multiple Choice

A blank endorsement on a check:

• Has no effect on the check

• Cancels the check

• Creates a check that can be cashed by anyone

• Restricts the use of the check

Multiple Choice

Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him?

• Interest earned on savings accounts is not taxable

• A sales tax will be charged on the interest earned

• Savings account interest is taxable

• If the interest is under $50, it is not taxable

Multiple Choice

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?

• Credit union

• Commercial bank

• Savings and loan association

• Investment club

Multiple Choice

You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?

• The same day as the $200 deposit

• 3 to 7 days later, depending on your bank's check clearance policy

• After receiving a checking account statement at the end of the month

• On the day you make your next deposit

Multiple Choice

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the

• US Treasury Department.

• Federal Deposit Insurance Corporation. (FDIC).

• State Banking Commission.

• Federal Reserve Board.

Multiple Choice

A blank endorsement on a check:

• Has no effect on the check

• Cancels the check

• Creates a check that can be cashed by anyone

• Restricts the use of the check

Multiple Choice

Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him?

• Interest earned on savings accounts is not taxable

• A sales tax will be charged on the interest earned

• Savings account interest is taxable

• If the interest is under $50, it is not taxable

Multiple Choice

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?

• Credit union

• Commercial bank

• Savings and loan association

• Investment club

Multiple Choice

You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?

• The same day as the $200 deposit

• 3 to 7 days later, depending on your bank's check clearance policy

• After receiving a checking account statement at the end of the month

• On the day you make your next deposit