This website uses cookies to ensure you get the best experience on our website. Privacy Policy OK

EPF Chapter 5: The Banking System

| See more in Economics

Review questions related to checking accounts, savings accounts, and other banking services

Created Date 02.19.20
Last Updated 02.20.20
Viewed 7 Times
Your browser doesn't support HTML5. System.Collections.Generic.List`1[System.String] System.Collections.Generic.List`1[System.String]
submit to reddit

Would you like to build your own game?

It's easy!

Go to the GameBuilder and get started!

Topics of this game:
  • Banks may charge fees for checking and savings accounts that do not meet minimum usage requirements.
  • Overdraft protection for checking accounts is automatically provided at no cost by most U.S. banks.
  • If a smart card is stolen, the thief cannot access your bank account.
  • A checking account is also called a demand deposit account because the account holder may withdraw money on demand or write checks on the account at any time.
  • Forgery occurs when someone alters a check by changing its amount to obtain more money from another person's account.
  • Debit cards carry all the same protections provided with credit cards.
  • You should update your check register monthly when you receive the bank statement.
  • A CD is a great savings option if you want to have immediate access to the money.
  • A special endorsement creates a third-party check.
  • Divisibility refers to the fact that money is divided into denominations for ease in completing transactions.
  • Paying bills online is fast and convenient but much riskier than sending checks through the mail.
  • Online-only banks are subject to the same laws and regulations as traditional banks, but online-only bank accounts are not insured by the FDIC.
  • By insuring deposits in banks, the FDIC helps to promote public confidence in the U.S. financial system.
  • Banks will hold postdated checks and process them at the future date.
  • If a U.S. savings bond is redeemed two years after purchase, a three-month interest penalty will be applied.
  • When reconciling a bank statement, the amount of deposits in transit is
  • Which of the following is the most liquid?
  • When a paper check is transformed into a digital image, it is said to be
  • When you set aside a fixed amount of savings on a regular basis over time, it is called
  • Congress has assigned responsibility for implementing many of the laws that protect consumers in credit and financial transactions to the
  • Which of the following would not be an adjustment to the check register balance on a bank reconciliation?
  • When reconciling a bank statement, the amount of outstanding checks is
  • Which of the following is not a demand deposit in a bank?
  • An IRA can be set up through all of the following except
  • The words "Pay to the order of" are included in which type of endorsement?