Banking Services Practice Quiz

A pawn shop offers loans to people starting their own business.

• True

• False

Opening a checking account requires completing a signature card.

• True

• False

A blank endorsement allows anyone to cash a check.

• True

• False

Debit card transactions are deducted from the cardholder's checking account.

• True

• False

An outstanding check refers to one written on an account with a very low balance.

• True

• False

The highest loan rates usually occur when borrowing from a...

• bank

• credit-card company

• pawn shop

• credit union

Obtaining cash from an ATM is similar to...

• writing a check

• making a deposit

• opening a new account

• earning interest on your account

________ is used to add funds to a bank account.

• check

• deposit slip

• signature card

• withdrawal slip

A service charge on your bank statement will result in...

• a higher balance

• a lower balance

• earning more interest

• more outstanding checks.

What is an account for which the holder can write checks? They may pay less interest than other accounts, or none at all.

• savings account

• interest

• checking account

• direct deposit