Final Exam Practice (Business English)

Which of the following is NOT a common feature of a financial institution?

• Access to ATMs

• Investment trading

• Direct deposit

• Debit cards

Which of the following financial institutions typically have the highest fees?

• Check cashing and payday loan companies

• Credit unions

• Brick-and-mortar banks

• Internet banks

Which type of bank account typically offers the least (if any) interest?

• Checking account

• Savings account

• Money market account

• Certificate of deposit

Savings accounts typically offer more interest than what type of account?

• Retirement account

• Money market account

• Checking account

• Certificate of deposit

Which type of bank account is best for everyday transactions?

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit

Why is it important to reconcile your bank statements?

• To avoid spending more than what is in your account.

• To detect any errors in your account.

• To determine if you were charged any fees.

• All of the above

Which of the following statements is TRUE?

• If there is a mistake on one of your bank accounts, there is nothing you can do about it.

• If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves.

• If there is a mistake on your bank account, you should contact your financial institution immediately.

• None of the above.

If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?

• The local police station

• Your bank

• The CFPB

• All of the above

Which of the following statements about investing is TRUE?

• On average, putting money in a savings account earns a higher return than investing money in the stock market.

• Investing is riskier than putting money in a savings accounts.

• Investing is best for short-term financial goals.

• Investing is a guaranteed way to make money.

Which of the following statements about investing is FALSE?

• Investing is a guaranteed way to grow your money.

• Investing is riskier than putting money in a savings account.

• Investing is best for long-term financial goals, like paying for retirement.

• On average, investing money in the stock market earns a higher return than putting money in a savings account.