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Banking Wise Practice Test Questions with Verified Solutions
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Banking Wise Practice Test Questions with Verified Solutions What must a bank do when a deposit of $10,000 or more is made? Report the transaction to the US Treasury Department. This measure helps monitor large sums and ensure they are not from untaxed or illegal activities. Which organization...

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  • August 1, 2024
  • 11
  • 2024/2025
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1 Banking Wise Practice Test Questions with Verified Solutions What must a bank do when a deposit of $10,000 or more is made? ✔✔Report the transaction to the US Treasury Department. This measure helps monitor large sums and ensure they are not from untaxed or illegal activities. Which organization insures accounts held in credit unions? ✔✔The National Credit Union Administration (NCUA), which insures up to $100,000 per depositor in each credit union. Why should James cash his paycheck at his bank instead of a check -cashing store? ✔✔Check -cashing stores often charge high fees for their services. What term describes the ease with which savings or investments can be converted into cash? ✔✔Liquidity. Accounts like checking and savings are highly liquid, whereas certificates of deposit have fixed terms and penalties for early withdrawal. How do banks typically use the money deposited in savings accounts? 2 ✔✔To provide loans to individuals and businesses. Banks act as intermediaries, using deposits to generate interest through loans. What does it signify when Troy has $50 automatically moved from his checking to his savings account each month? ✔✔He has set up a savings plan. Automatic transfers help ensure consistent saving, often referred to as "paying yourself first." If Pat has a savings account and a car loan from a not -for-profit financial institution owned by members, what is this instituti on? ✔✔A credit union. These member -owned institutions often offer better rates on loans and savings accounts compared to for -profit banks. What is a money order? ✔✔A purchased certificate that pays a specified amount to a designated recipient. Money orders are a secure method of payment, available through various vendors including the U.S. Postal Service and private companies. Which financial product can be purcha sed for $25, is secure, and will mature to $50 in the future?

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