FDIC Practice Questions and Answers: Exam Prep & Study Guide
The five advantages of using a financial institution are safety, convenience, cost, security, and
financial future. True or Flase - correct answer ✔✔True
What type of account is typically insured by the FDIC? - correct answer ✔✔Deposit
Deposit accounts generally offer which of the following banking services? - correct answer
✔✔Direct deposit, telephone and online banking, ATM and debit cards
Which type of financial institution requires you to be a member in order to keep your money
there? - correct answer ✔✔Credit Unions
What are two types of deposit accounts? - correct answer ✔✔Checking and Savings
What is a remittance? - correct answer ✔✔Money transfer that goes to a bank or a person in
another country
What is a debit card? - correct answer ✔✔Is used to make purchases at retail locations and ATM
cash withdrawals
Who is the best person to help you fill out a mortgage application? - correct answer ✔✔Loan
Officer
If you buy something on credit, you must pay back the amount you borrowed plus - correct
answer ✔✔Interest, according to the credit terms
The five advantages of using a financial institution are safety, convenience, cost, security, and
financial future. True or Flase - correct answer ✔✔True
What type of account is typically insured by the FDIC? - correct answer ✔✔Deposit
Deposit accounts generally offer which of the following banking services? - correct answer
✔✔Direct deposit, telephone and online banking, ATM and debit cards
Which type of financial institution requires you to be a member in order to keep your money
there? - correct answer ✔✔Credit Unions
What are two types of deposit accounts? - correct answer ✔✔Checking and Savings
What is a remittance? - correct answer ✔✔Money transfer that goes to a bank or a person in
another country
What is a debit card? - correct answer ✔✔Is used to make purchases at retail locations and ATM
cash withdrawals
Who is the best person to help you fill out a mortgage application? - correct answer ✔✔Loan
Officer
If you buy something on credit, you must pay back the amount you borrowed plus - correct
answer ✔✔Interest, according to the credit terms
