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econ wise test questions with answers graded A+ passed
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econ wise test questions with answers graded A+ passed
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econ wise testIf a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - correct
answer ✔✔US Treasury Department.
A teenage boy has opened a checking account. He is surprised to find that though he is getting a written
bank statement each month he is not getting his cancelled checks returned. The teenager should be
aware that the reason cancelled checks are NOT returned is to - correct answer ✔✔save the bank money
associated with returning copies of these checks.
Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the
interest earned. What would the IRS tell him? - correct answer ✔✔Savings account interest is taxable
Travelers checks, often used for vacations: - correct answer ✔✔Function as cash and are easily replaced
if lost
You have a checking account balance of $100 and you deposit a personal $200 check from your brother
in your checking account. When will you be able to withdraw $150 in cash? - correct answer ✔✔3 to 7
days later, depending on your bank's check clearance policy
Which financial product may pay a dividend? - correct answer ✔✔Common stock
The best suggestion you gave a friend who is writing a check for the first time is: - correct answer
✔✔Date the check because it is usually proof of payment
Money orders are: - correct answer ✔✔A purchased certificate to pay a specified amount to a specific
payee
When a person is reconciling a checking account and notices that the balance in the checkbook does not
match the balance on the statement from the bank, which action is it appropriate for the person to take
first? - correct answer ✔✔Determine that checks already written have cleared.
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