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Bank and finance 123

This is test Q

1. The primary purpose of a spending plan is to achieve which of the following goals? To help you see the amount of income you have each month, pay all of your expenses, and put money into savings
Which of the following is NOT a way to earn income? Volunteering at church
A monthly utility bill is an example of which of the following expenses? C. Variable
A rent payment is an example of which type of expense? B. Fixed
Donating to the local animal shelter is an example of which of the following types of expenses? A. Discretionary
Which records can NOT give a thief access to your personal information? D. Gift card to a department store
If your identity is stolen, who becomes responsible for restoring your credit to good standing? C. You
3. Where is a more popular place a thief would go to try to steal your personal information? A. Your trash
How is it best to get rid of information you receive in the mail? C. Use a shredder before placing it in the trash
Why do stores intentionally put small and inexpensive items near the checkout lines? A. So shoppers will buy them without much thought
2. Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years? B. Intermediate goals
3. Which of the following types of goals best describes something you can achieve in more than five years? C. Long-term goals
Which of the following types of goals best describes something you can achieve in less than 12 months? A. Short-term goals
5. Which of the following is the first step in developing your goals? A. Identify your personal goals
1. Which of the following should NOT be considered when choosing a bank? D. The size of the bank
2. Which type of bank is most widely used? A. Commercial banks
3. Which type of bank has customers who are also owners? B. Credit unions
Which type of bank offers full investment services as its main business? C. Brokerage firms
5. Which type of bank does not have an actual physical location? D. Virtual banks
1. What is the purpose of providing a bank statement to a customer? B. To provide a snapshot of activity on the account during a specific time period
2. Which of the following is NOT one of the main components of a bank statement? C. Listing of deposits made during the previous three months
. You should keep all deposit receipts as well as receipts for purchases until which of the following happens? A. Reconciliation process
4. Why is the closing date listed at the top of your statement important information? A. It provides you with a cutoff date for transactions included in the statement.
5. The opening balance of your most recent statement should equal which of the following? A. Closing balance of your last statement
1. What are the two features of online and mobile banking? C. Convenience and security
2. Standard banking hours used to be 9 a.m. to 3 p.m., Monday through Friday. These hours meant what for their customers? A. Access to their money was limited to these hours.
3. Which of the following is NOT one of the advantages of online and mobile banking? B. Manual bank reconciliation is still required.
4. Which of the following is NOT a security feature? C. Use of birthdates as your PIN
5. PIN is an acronym which stands for which of the following? B. Personal Identification Number
1. Why is it a good idea to treat your savings account as a fixed expense each month? A. Money can be deposited before it is used for discretionary spending.
2. In which of the following choices are the expenses in the right order according to how they must be paid each month? D. Pay the fixed and variable expenses, then pay the discretionary expenses
3. Which of the following entities do NOT have access to your credit report? C. Potential employers who are looking for new employees with good credit
4. Which of the following is the first step you should take if your identity is stolen? C. Contact the bank and credit card companies where you hold accou C. Contact the bank and credit card companies where you hold accounts
7. The location of which of the following is important when considering a bank? A. ATMs
8. Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually? A. Interest earned on an account
10. The conversion of a message into code is known as which of the following? D. Encryption
Created by: Ethan S..
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