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Commercial Banks
Quiz 1
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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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