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