Q.1
What do we call a fee that is collected for using someone's money?
  • Deposit
  • Interest
  • Loan
  • Check
Q.2
The more you add to your savings, the worse off you will be.
  • True
  • False
Q.3
A direct deposit is when you take your paycheck directly to the bank after your receive it.
  • True
  • False
Q.4
Credit cards and debit cards are essentially the same thing.
  • True
  • False
Q.5
Banks offer different kinds of accounts because:
  • Different customers have different needs
  • They have to by law
  • It seems like the fun thing to do
  • They are greedy
Q.6
The higher the interest rate, the better
  • True
  • False
Q.7
The longer the money is saved, the better
  • True
  • False
Q.8
The more you add to yours savings, the better
  • True
  • False
Q.9
The lower the interest rate, the better.
  • True
  • False
Q.10
The shorter the money is saved, the better.
  • True
  • False
Q.11
All bank transactions should be recorded in the register
  • True
  • False
Q.12
You can continue to write checks as long as you have check in your checkbook.
  • True
  • False
Q.13
When depositing money into an account, it is important to:
  • include your account number
  • swipe your credit card
  • thank the teller
  • sign your deposit ticket
Q.14
What do we call the amount left over from your paycheck after taxes and deductions?
  • balance
  • gross balance
  • transaction
  • net pay
Q.15
Which services is a bank likely to offer?
  • net deposit and balance
  • online banking and savings accounts
  • check writing and car wash
  • credit card and Tootsie Rolls
Q.16
Which one of the following are financial institutions?
  • bank and credit union
  • library and hospital
  • school and museum
  • Starbucks and Wal-Mart
Q.17
Trade Credit is usually granted for a period ranging from
  • 20 days to six months
  • 15 days to three months.
  • 15 days
  • three months to one year
Q.18
In a _______, a customer having a current account with the bank is allowed to overdraw his account up to a specified amount.
  • Cash credit
  • Bank Overdraft
  • Loans & Advance
  • All of above
Q.19
Interest is charged on the amount actually overdrawn and not on the amount sanctioned by the bank.
  • True
  • False
Q.20
_____ implies procuring cash from a bank in exchange for credit instruments.
  • BAnk Overdraft
  • Cash Credit
  • Bills Discounting
  • None of these
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