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Financial Quiz #2

True/False
Indicate whether the sentence or statement is true orfalse.
 

 1. 
An ‘OutstandingCheck’ is a check that is written for more than the amount in the account from which it isbeing drawn.     
 

 2. 
Credit unions are regulated bythe National Credit Union Administration (NCUA), a federal agency similar to the FDIC.
 

 3. 
A NOW Account can be viewedeither as a savings account on which checks can be written or a checking account that earns interest;the number of checks written during a certain period of time (usually a month) is generally limited;it does pay interest, but not as much as a regular savings account.
 

MultipleChoice
Identify the letter of the choice that best completes the statement or answers thequestion.
 

 4. 
An investment that can beturned into cash quickly is known as a ......
a.
outstandinginvestment
c.
solid investment
b.
liquidinvestment
d.
cash investment
 

 5. 

The sum of the daily balancesdivided by the number of days in the month for a specified account is the definitionfor....
a.
minimum monthly balance
c.
average monthlybalance
b.
average quarterly balance
d.
minimum dailybalance
 

Completion
Complete each sentence or statement.
 

 6. 

Capable of meeting financialobligations is the definition for what term? (spelling counts!!)
 

 

 7. 

What organization (acronym only- all CAPS) insures your money if it is kept in a Savings and Loan (not regulation)?
 

 

 8. 

The amount paid for the use ofmoney is the definition for.....
 

 

 9. 

To open a savings account, youmust sign a _______  ________, deposit at least $1, and you will receive either a savingsaccount passbook or a savings account register.
 

 

 10. 

What does ‘APR’stand for? (capitalize each word; spelling counts)
 

 



 
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