Wires

Wires

Professional Development

9 Qs

quiz-placeholder

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Financial Literacy

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Wires

Wires

Assessment

Quiz

Life Skills

Professional Development

Hard

Created by

Justin Persick

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When initiating a wire transer, the sender provides instructions to their financial institution, including:
The sender's account details
The recipient's account details
The transaction purpose
The wire transfer fee

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wires are generally considered to be one of the:
Slowest methods of transferring funds
Most expensive methods of transferring funds
Fastest methods of transferring funds
Least secure methods of transferring funds

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wire transfers are typically secure and confidential because:
They involve physical transportation of cash
The sender and recipient exchange passwords
The transfer occurs electronically between financial institutions
The transfer details are publicly available

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial institutions often charge fees for initiating wire transfers based on:
The time of day the transfer is initiated
The recipient's account balance
The type of transfer and amount being transferred
The sender's credit score

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wires are commonly used for:
Low-value transactions
Non-urgent transactions
Time-sensitive and high-value transactions
Cash transactions only

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wire transfers fall under the purview of:
Financial Crimes Enforcement Network (FinCEN)
Office of Foreign Assets Control (OFAC)
Federal Reserve System
National regulators

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

OFAC administers and enforces:
Economic and trade sanctions programs
Bank Secrecy Act (BSA) requirements
Operating guidelines for wire transfer systems
Anti-money laundering (AML) regulations

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Federal Reserve System oversees and regulates:
The U.S. banking system
International wire transfers
SWIFT standards and protocols
Financial messaging systems

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Compliance with regulatory requirements for wire transfers helps prevent:
Currency exchange rate fluctuations
Bank account closures
Money laundering and terrorist financing
Wire transfer delays