Checking account - Study guides, Class notes & Summaries

Wise Practice Test 1 50 Questions and Answers 100% Pass When someone deposits at least $10,000 into their bank account, which government agency must be informed? US Treasury Department Which organization guarantees up to $100,000 per depositor in a single credit union? National Credit Union Association (NCUA) Which type of financial institution benefits from the insurance provided by the National Credit Union Association (NCUA)? Credit union How do travelers checks operate,...

ACAMS Practice Set 1 Questions and Answers All Correct What are the three key criteria in AML risk rating? A. Customer type, geographic location, products and services used. B. Geographic location, customer type, employment status. C. Products and services used, customer type and prior banking relations. D. Employment status, customer type, products and services used. - Answer-A A financial institution is looking to establish an online account opening service. The institution plans to o...

PSU Econ 104 Final Exam – Brown Questions and Answers 100% Pass If the required reserve ration is 20%, the simple deposit multiplier is _______ A. 2 B. 5 C. 10 D. 20 - B. 5 1/.2 = 5 Imagine that Kristy deposits $10,000 of currency into her checking account deposit at Bank A and the reserve ratio is 20%. As a result of Kristy's deposit, Bank A's reserves immediately increase by: A. $2,000 B. $8,000 C. $ 10,000 D. $50,000 - C. $10,000 This is how much money she puts in the ba...

Wise Certification Test Question and answers rated A+ 2024/2025 Wise Certification Test If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the - correct answer US Treasury Department Margaret wants to store a valuable coin collection & important papers. Generally, consumers should: - correct answer Rent a safe deposit box for their valuables Troy has $50 a month transferred electronically from his checking account to his savings account. This i...

A local business is looking to become a franchise. The company wants to predict the number of franchises, F, given a certain number of years, Y. This prediction is modelled by the function F( Y). What can be concluded by F(5) = 10? In 5 years, there will be 10 open stores. A bank begins a marketing campaign to increase its number of customers. Each month, all new customers are put into a drawing. One customer then receives a $50 credit in a checking account. The amount of money given away in t...

Cook Co. had the following balances at December 31, Year 2: Cash in checking account $350,000 Cash in money-market account $250,000 U.S. Treasury bill, purchased 12/1/Yr 2, maturing 2/28/Yr 3 $800,000 U.S. Treasury bond, purchased 3/1/Yr 2, maturing 2/28/Yr 3 $500,000 Cook's policy is to treat as cash equivalents all highly liquid investments with a maturity of 3 months or less when purchased. What amount should Cook report as cash and cash equivalents in its December 31, Year 2, balan...

THE ULTIMATE WISE TEST REVIEW QUESTIONS WITH COMPLETE SOLUTIONS What term describes the cost associated with borrowing funds? Interest What is the term for the highest balance you are allowed to maintain on a credit card? Credit limit What type of fee might some credit card companies charge for using their card? Annual fee What is the term for the minimum amount you need to pay on a credit card, expressed as a percentage of your outstanding balance? Minimum payment What i...

True or False: I am currently a volunteer Greeter. I will not be preparing tax returns. I do not need to take the Volunteer Standards of Conduct test. (Ans- False Yes or No: Can a volunteer be removed and barred from the VITA/TCE programs for violating the Volunteer Standards of Conduct? (Ans- Yes Yes and No: An IRS tax law certified volunteer preparer told the taxpayer that cash income does not need to be reported. The return was completed without the cash income. The designated Quali...

The Johnson family is very conservative financially. They have a retirement plan where John works and share a joint checking account at their bank. They keep a lot of money in their checking account to cover short-term needs and emergencies. Both of them want to step up to a higher interest rate than a checking or savings account pays, and at the same time stay with their bank. For John and Maile, money market deposit accounts may offer some advantages. Select the one or ones below t...

WISE TEST QUESTIONS AND REVISED ANSWERS ALL CORRECT When a check is returned due to insufficient funds, the check is said to have A. been postdated. B. been voided. C. bounced. D. cleared. - Answer- c A form of payment that is guaranteed to be as good as cash is a A. personal check. B. bank check. C. credit card charge. D. promissory note. - Answer- b Deposits in bank savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to A. $ 50,000. B. $100,...