BANKING UNIT TEST EXAM WITH CORRECT ANSWERS 2024 ( TESTED AND VERIFIED ) ALL BUNDLED TO BOOST AND EASE YOUR STUDY

BANKING UNIT TEST EXAM WITH CORRECT
ANSWERS 2024 ( TESTED AND VERIFIED ) ALL
BUNDLED TO BOOST AND EASE YOUR STUDY


What are the parts of the Federal Reserve - ANSWER 12 Regional Reserve Banks

Board of Governors

Federal Open Market Committee



How much does the FDIC insure deposits for? - ANSWER $250,000



A fee that a bank charges for not having the required minimum balance in a person's bank account is
called: - ANSWER Service Fee



"Required balance" means: - ANSWER The minimum amount of money needed to have in an account to
avoid service fees



Which type of bank account is most liquid? - ANSWER Checking



Banks go by which line if there is a discrepency in the amount a check is written for. - ANSWER Written
Line



Why is it important to monitor your check transactions? - ANSWER To know your account balance and
not spend more money than you have.

To avoid fees.

To make sure there are no duplicate transactions.



The difference between a credit union and a bank is: - ANSWER A credit union is a non-profit institution
that is owned by its members.