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Exam 4: Managing Your Cash and Savings

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Question 1

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Funds in commercial banks are protected by the:

A) National Credit Union Administration (NCUA) .
B) Federal Depositors Assurance Corporation (FDAC) .
C) Federal Deposit Insurance Corporation (FDIC) .
D) National Credit Union Share Insurance Fund (NCUSIF) .
E) Savings Association Insurance Fund (SAIF) .

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Question 2

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Interest earned for a period should be added to the ending balance shown in your checkbook while reconciling your account.

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Question 3

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Banks must notify customers _____ days in advance before lowering rates on deposit accounts or certificates of deposit (CDs) .

Christina's bank allows her employer to directly deposit her paycheck into her personal bank account. This service provided by Christina's bank is called a(n) :

In which of the following states would you most likely find a savings bank?

Which of the following statements regarding the cost of a checking account is true?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. A negative inflation-adjusted real interest rate is [ good | bad ] for the overall economy.

Credit unions are:

Savings deposits are also known as:

You had $800 in your checking account when your electronic funds transfer system (EFTS) card and personal identification number (PIN) were stolen. You didn't report the theft for 2 months after your periodic statement was mailed. How much could you lose?

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. You would expect to find an asset management account (MMA) at a [ commercial bank | brokerage firm ].

The Federal Deposit Insurance Corporation (FDIC) insures each _____  up to a stated maximum dollar amount at any given financial institution.

Macie has $25 in her checking account when her electronic funds transfer system (EFTS) card and personal identification number (PIN) are stolen. If Macie notifies her bank tomorrow, the day after the theft of her card, her loss is limited to:

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. [ I savings bonds  | Treasury bills ] are sold at face value.

Visa and MasterCard issue debit cards linked to your checking account.

Which of the following is a rented drawer in a bank's vault?

Your savings will grow faster with monthly interest compounding than with quarterly interest compounding for a given nominal interest rate.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. "For deposit only" would indicate a [ blank | restrictive ] endorsement.

Money market mutual funds (MMMFs) :

A safe-deposit box in a bank can be opened only when the: