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BANKING CAREERS PART 3 QUESTIONS WITH COMPLETE ANSWERS
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BANKING CAREERS PART 3 QUESTIONS WITH COMPLETE ANSWERS
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BANKING CAREERS PART 3QUESTIONS WITH COMPLETE
ANSWERS
1 eedouble eeentry eesystem
2 eeendorse
3 eeline eeof eecredit
4 eepayee
5 eepayer ee- eeAnswer ee1 eean eeaccounting eepractice eethat eetracks eeboth eecredits eeand
eedebits
2 eesigning eethe eeback eeof eea eecheck eebefore eeyou eecan eedeposit eeit eeinto eeyour
eeaccount
3 eean eeamount eeof eemoney eeextended eeby eea eebank eeof eefinancial eeinstitution eeand
eeready eefor eethe eeborrower eeto eeuse eeat eeany eetime eeprovided eethe eelatter eeadheres
eeto eecertain eerules eeand eeregulations
4 eethe eeindividual eewho eereceives eethe eefunds eeon eea eecheck; eethe eeperson eewho
eethe eecheck eeis eewritten eeto
5 eethe eeperson eeor eebusiness eewriting eethe eecheck; eethe eeowner eeof eethe eechecking
eeaccount eeon eewhich eethe eecheck eeis eebeing eewritten
John eewrites eea eecheck eeto eeAbigail eefor ee$250. eeHow eewould eethis eebe eereflected
eein eea eedouble eeentry eeaccounting eesystem? ee- eeAnswer eedebit eeto eeJohn's
eeaccount eeand eecredit eeto eeAbigail's eeaccount
Which eeof eethe eefollowing eehad eethe eegreatest eeimpact eeon eeincreased eeuse eeof
eechecks eein eethe eeUnited eeStates? ee- eeAnswer eepassing eeof eethe eeNBA
What eeis eethe eemain eedifference eebetween eea eechecking eeaccount eeand eea eesavings
eeaccount? ee- eeAnswer eeA eechecking eeaccount eeis eeused eeto eepay eecreditors, eewhile
eea eesavings eeaccount eeis eeused eeto eekeep eemoney eefor eethe eelong eeterm.
How eeis eea eecheck eetreated eeby eethe eeUS eegovernment? ee- eeAnswer eeas eea
eenegotiable eeinstrument
What eedifferentiates eea eedomestic eebanker eefrom eean eeinternational eebanker? ee-
eeAnswer eeopening eeup eebranches eein eeother eecountries
, What eewas eea eekey eefactor eethat eeled eeto eethe eesuccess eeof eeusing eechecks eeas eea
eenational eesystem eeof eeexchange? ee- eeAnswer eeCreated eea eesystem eeof
eeclearinghouses eeas eepart eeof eethe eeFRA
What eeitems eeare eefound eein eethe eeMICR eeline eeon eea eecheck? ee(Select eeall eethat
eeapply.) ee- eeAnswer eebank eerouting eenumber, eecheck eenumber
1 eemore eecommonly eeknown eeas eeindividual eeretirement eeaccounts, eewhich eeenable
eepeople eeto eesave eemoney eefor eetheir eeretirement eewith eea eevariety eeof eetax
eebenefits eeand eerestrictions; ee(IRAs)
2 eefunds eestored eefor eelater eeuse; eedeferred eeconsumption ee- eeAnswer eeindividual
eeretirement eearrangements ee
savings
Individual eeretirement eearrangements eeenable eepeople eeto eesave eemoney eefor eetheir
eeretirement eewith eea eevariety eeof eetax eebenefits eeand eerestrictions. ee- eeAnswer eetrue
The eeFDIC eeinsures eesavings eeaccounts, eechecking eeaccounts, eestocks, eeand eeU.S
eeTreasury eebonds. ee- eeAnswer eefalse
States eerely eeon eebanks eeto eemanage eetheir ee529 eeplans? ee- eeAnswer eefalse
In eeorder eeto eeopen eea eesavings eeaccount, eewhat eeinformation eeis eerequired?
ee(Select eeall eethat eeapply.) ee- eeAnswer eeSSN, eeaddress, eefunds eeto eedeposit
What eeis eethe eelargest eesource eeof eeincome eefor eea eebank? ee- eeAnswer eeinterest
eeon eeloans
In eeorder eefor eea eebank eeto eemake eea eeprofit, eeit eemust eedo eewhich eeof eethe
eefollowing? ee- eeAnswer eeassses eehigher eeinterest eerates eeon eeloans eethan eepaid eeto
eedepositor's eeon eesavings eeaccounts
Jessica eehas eeseveral eeaccounts eeat eeACME eebank. eeShe eehas ee$55,000 eein eea
eestudent eesaver eeaccount, ee$25,000 eein eea eechecking eeaccount, ee$10,000 eein
eePfizer eestock, eeand ee$6,000 eein eebonds. eeIf eeACME eebank eewere eeto eefail, eewhat
eeamount eeis eeJessica eeinsured eefor eeunder eethe eeFDIC? ee- eeAnswer ee$80,000
What eeis eethe eeprimary eedifference eebetween eea eesavings eeaccount eeand eea
eecertificate eeof eedeposit? ee- eeAnswer eethe eelength eeof eetime eethe eemoney eeis
eerequired eeto eebe eeheld eein eethe eeaccount
Which eeof eethe eefollowing eewould eenormally eeresult eein eea eehigher eeinterest eerate eeat
eea eebank? ee- eeAnswer eecertificate eeof eedeposit eewith ee$25,000
Accounts eethat eecontain eefunds eethat eecan eebe eeretrieved eeupon eerequest eeby eethe
eedepositor eeare eecalled ee_____. ee- eeAnswer eedemand eedeposit eeaccount
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