WISE: Banking Questions With Complete Solutions

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the... correct answer: US Treasury Department. Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question? correct answer: Some types of checking accounts pay interest. A bank Certificate of Deposit is a: correct answer: Savings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals. Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution? correct answer: Credit union. The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as: correct answer: There is enough money in Ms. Sanchez account to cover the amount of the checks. Travelers checks, often used for vacations: correct answer: Function as cash and are easily replaced if lost. Which financial product may pay a dividend? correct answer: Common stock.