pf exam

What could be an example of a comment in the memo section of a check?

"Payment for November Tuition"

The current limit for insuring any account at participating banks through the FDIC is ________________.

$250,000

Direct Deposit

A bank service that accepts your paycheck into your account electronically

Returned check fee

A fee charged when you deposit a check from someone, and it is returned because the check has insufficient funds

Transaction fee

A fee charged when you exceed a set number of transactions in a month for deposits or withdrawals

ATM fee

A fee charged when you use an ATM outside your bank's network

Wire transfer fee

A fee charged when you wire money from your account to someone else's account

Overdraft fee

A fee charged when you write a check and your account does not have enough money to cover the check

Minimum balance fee

A fee charged when your account balance goes below a certain minimum balance

Membership fee

A fee that a credit union charges its members to open an account

Deposit slip

A form with blanks that is filled out when an account holder wants to deposit either checks or cash

Which of the following would be considered a housing expense?

A mortgage payment or rental payment

Checkbook register

A page or booklet that has rows and columns for making entries like a miniature ledger page or book

Check

A paper form that you fill out and use as payment

_______ are electronic terminals that let you bank almost virtually any time.

ATMs

If you make an inquiry about your account and the bank has to take time to review all transactions and changes to your account, what fee might you incur?

Account research fee

Who urged Congress to assume the war debts of the states and then create a Bank of the United States?

Alexander Hamilton

Which president was an opponent of the central banking system and vetoed a bill for an early re-charter of the banks?

Andrew Jackson

Overdraft fees

Assessed when you pay for something with either a check or a debit card and you do not have sufficient funds to cover your transaction

Select the item(s) that would be considered a "want." Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

Buying a second pair of tennis shoes for sports Buying a cell phone

Need

Buying groceries for the week Buying a reliable car to get to work and back Replacing shoes that you have outgrown Paying the electric bill

God asks us to be faithful in the little things in life, and this is true with our finances. What can you do to ensure you are being faithful with your finances? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type. Answer,

Carefully review any fees associated with your bank. Always ask your bank about hidden fees that may be applicable to your account.

Which items might you deposit using a deposit slip? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

Cash, Checks

Which of the following can be considered a "need"? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type.

Clothing Shelter Food

The stock market's crash in 1929 and the financial system's prolonged crisis over the next several years led _________________ to pass several laws that substantially changed the financial system and the Federal Reserve

Congress

How does God expect us to be when it comes to organization?

Creative and orderly

Which of the following are considered "not for profit" because all profits and surpluses are used to pay for administrative costs and services to members?

Credit unions

Membership fees

Credit unions often require members to deposit an amount into their accounts that must be maintained to avoid incurring penalties.

Shopping online

Deal with reputable merchants and be wary of unbelievably low prices

What is it called when you authorize specific deposits, such as a paycheck, on a regular basis?

Direct deposit

Which of the following is an easy and safe way to ensure that your money goes to your bank account and makes it easier to access and manage your money?

Direct deposit

Unsolicited emails

Do not open any attachments or links within

What is an item that you may need for account verification at a bank?

Driver's license

What is an EFT?

Electronic Funds Transfer

Electronic banking or electronic funds transfer can include which of the following? Choose the six answers that apply. Please do not guess, as incorrect answers will be penalized for this question type.

Electronic check conversion at a store for payment for merchandise ATM withdrawals Phone-activated transfer from one account to another Automatic insurance bill drafted off your account monthly Using your personal computer to transfer money from your checking account to your savings account

Who is vulnerable while spending time online?

Everyone

The cost of something is called what?

Expenses

Which of the following is a benefit of using automatic recurring bills?

Fees and charges can be reduced

What was the first bank in the United States called?

First Bank

Credit cards

Generally offer more protection than a debit card

What are some ways that you can avoid monthly and annual fees at your financial institution? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type.

Go paperless Maintain a minimum balance Maintain average daily balance

Opening the Account

Go through account verification. The bank may run a credit report during this stage. Verify your I.D.

Which of the following are considerations in the paradox of prosperity? Choose all that apply. Please do not guess, as incorrect answers are penalized for this question type.

Having more choices Less freedom Added fear and confusion Getting more stuff

FDIC (Federal Deposit Insurance Corporation)

Insures deposits for banks and thrift institutions

NCUA (National Credit Union Adminstration)

Insures deposits for credit unions

There are several reasons why people should use a financial institution to help them with managing their money. Choose the five valid reasons to have an account with a financial institution. Please do not guess, as incorrect answers are penalized for this question type.

It allows quick access to your money. You are insured against losses up to the federal maximum amount. It is cheaper than other possible alternatives. It provides a safe place for your money. It helps with establishing credit and getting loans.

Recording Interest and Fees

Keep track of minimum balance fees.

According to the lesson, what is our ultimate gift?

Knowing Jesus and making Him known to the world

Which could be considered an important part of stewardship?

Learning to properly document your bank accounts

Making Deposits and Withdrawals

Make regular deposits, including direct deposits. Take out cash. Use your debit card.

What four responsibilities does the Federal Reserve System have that were also the responsibilities of its predecessors, the First and Second Bank of the United States? Choose the four correct answers. Please do not guess, as incorrect answers are penalized for this question type.

Makes payments for the federal government Holds deposits for the federal government Acts as the federal government's fiscal agent

Monthly and annual fees

Minimum fees that an institution charges simply to have an account with them

Fees

Money that the bank charges and deducts from your account

Which of the following can be considered a housing expense?

Mortgage payments

Social Security number

Never give this out in response to an unsolicited message

As you spend money by either writing checks or using a debit card associated with the account, where is a good place to record your spending?

On a checkbook register

We learned in the Ron Blue Institute video that the word "stewardship" literally means management. What area(s), other than our finances, are included in our journey of being good stewards? Choose all that apply. Answer,

Our talents Our time Our body Our relationships

What is the source of funding used by the FDIC to pay insured depositors of a failed bank

Premiums already paid by insured banks and interest earnings on its investment portfolio of U.S. Treasury securities

What is the theme of Proverbs 2:11?

Protection

Keeping Track of Account Balance

Review monthly bank statement carefully. Track all withdrawals, deposits, fees, and interest payments.

________________ are similar to credit unions. They are financial institutions that are overseen by the Office of the Comptroller of the Currency. They concentrate on savings accounts and loans, especially for construction.

Savings and loans associations

In the Ron Blue video, Mr. Blue told a story about a doctor who learned how to receive in order to give. What does the doctor agree to "receive" so that he could give more away?

Shoes

Why is it important to keep a neat check register?

So it can be used to reconcile the monthly bank statement

Why is it important for everyone with monetary and other assets to have a will? Choose the six answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

So the state won't be in control of your estate Because it relieves loved ones of added responsibility at your death Because it makes sure all possessions and assets will go to those who have been specifically chosen to receive them So others won't have to decide what is best to do with your possessions and money Because it benefits those who you wish to bless after you are no longer able to help them in person So loved ones and family will know what you want to do with your possessions and money once you have died

Routing number

Specific for each institution to make sure the check is drafted from the correct institution

What are two core concepts to consider when beginning to manage money? Please do not guess, as incorrect answers are penalized for this question type.

Stewardship Contentment

What event in American history had a profound effect on modern-day banking regulations and policy?

The Great Depression

What is a blank on a check that you will likely need to fill out?

The name of the person or business being paid

Interest

The percentage of your balance that the bank pays you for keeping your money at that bank

What did the Full Employment and Balanced Growth Act, signed by Jimmy Carter into law in 1978, require? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

The president to submit a report to Congress that explains the president's economic goals and when they will be achieved The Federal Reserve to provide Congress with a semi-annual report on the Fed's objectives and plans for monetary policy

What is cybersecurity?

The process of protecting and recovering accounts, devices, and programs from any type of cyberattack

Why are financial institutions safe places to keep your money?

They are regulated by federal guidelines and are in business to make money for their depositors, members, and/or stock holders.

Which of the following can you do with an ATM card? Choose the three that apply. Please not guess, as incorrect answers are penalized for this question type.

Transfer funds between accounts Withdraw cash Make deposits

The FDIC signifies which two things of banks who use this service?

Trust and stability

What are some ways to make sure you know what is happening with your money and simplify your financial obligations? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

Use computer software or internet services offered by your banking institution to track deposits and payments Consider consolidation accounts to reduce paperwork and avoid fees

Signs You May Have Cybersecurity Concerns

You are experiencing connectivity problems. Your device is grinding or crashes. Your friends tell you they are receiving emails in your name, but you are not sending them. Browser load times are slow; programs and apps stall. You notice odd device behavior; mysterious files or icons appear.

Signs All Is Well with Your Cybersecurity

You are receiving emails that are typical for you. Connectivity is fast. You see only the files with which you are familiar. Your device is running quickly and smoothly. Browsers load quickly.

Direct deposit is one way to keep your personal finances in order. What does direct deposit mean?

You take your payroll check and deposit it into your account directly.

Assume you ignore any fees that your banking institution may charge. What can you infer may happen?

Your account balance could be off and cause problems with the account.

Which items would not typically be found on a check? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type.

Your checking account balance Your Social Security number Your monthly mortgage amount

It is ultimately whose job to keep an eye on your account and ensure everything is correct?

Yours

A ______________ is a paper form that you fill out and use as payment.

check

A _______________ is a piece of paper with blanks that is filled out when an account holder wants to deposit either checks or cash into his/her account.

check register

People enjoy using online banking because it is ____________________.

convenient and saves time

A _____________ union is a member-owned financial institution and provides financial services only to its members.

credit

If you have a regular job, your employer can deposit your check or a designated amount of your check into your account via ____________.

direct deposit

Financial institutions must charge _______ and penalties to incur the costs of operating their business.

fees

It is necessary to sometimes allocate _______ resources among ________ alternatives.

limited, unlimited

Spam is the unethical distribution of mass digital messages. This is the main way that _______________ is opened and spread.

malware

Our world culture often promotes the idea that more _________ will provide safety and success. People often fall into the trap that more material items equate to prosperity.

money

Timothy 6:6-10 says the love of ______________ is the root of all evil.

money

A checkbook ____________ is a page or booklet that has ________________________ for making entries similar to a ledger. As you write ______________ or make ______________ , you can keep up with transactions that affect your account balance.

register, rows and columns, checks, deposits

Alexander Hamilton was the first Secretary of _______________. He believed in a strong federal government with a centralized ______________. Hamilton's critics attacked him by stating that a central government-run bank would be ________________. The first Bank of the United States was a _____________________ institution and was owned by a majority (70%) of ___________________ investors.

the Treasury, banking system, a monopoly and unconstitutional, private, foreign

The Share Insurance Fund has the backing of the full faith and credit of ________________.

the United States

Decisions made about _________, which are usually mutually-held corporations, are made by depositors and borrowers.

thrifts

Money you remove from your account is called a ________________. Money you add to your account is called a _________________.

withdrawl, deposit

Online financial institutions offer all the services that "brick and mortar" institutions offer EXCEPT which of the following? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

Branch manager offices where you can sit down and discuss your account

Want

Buying a brand new car Upgrading to the new iPhone each year Adding five new video games to your collection Replacing your wardrobe every season

Which of the following are "for-profit" corporations charging fees and interest in order to pay administrative costs and stockholders?

Banks

Minimum balance fees

Based on a minimum balance you are required to maintain in your account