PFL Test 2

What is an example of account verification? When a bank checks your account every month to make sure your spending meets their standards When a bank ensures you are the right age, gender, or race to open an account When a bank checks your photo ID before you open an account at that institution When a bank makes a visit to your home

When a bank checks your photo ID before you open an account at that institution

In addition to money you earn from your job, what are other forms of income you may receive? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type. A loan Gifts Allowances Investments

Gifts Allowances Investments

If God gives you the ability to take a lot of responsibility with high pay or generate a lot of wealth, to what should that be attributed? His blessing A gift from the universe Hard work only Luck

His blessing

What is the theme of Proverbs 2:11? Sin Prayer Protection Wealth

Protection

What is the Federal Reserve Bank commonly known as? The FRB The Government's Bank The Fed The Big Bank

The Fed

What is the FDIC? The Federal Deposit Insurance Corporation is an independent federal agency created to promote public confidence and stability in the nation's banking system. The Federal Deposit Inquiry Corporation investigates banks and other financial institutions. The Federal Daily Insurance Calculator is used to determine how much insurance is available on a daily basis to cover bank deposits. The First Deposit Insurance Company insures first deposits made to a banking account.

The Federal Deposit Insurance Corporation is an independent federal agency created to promote public confidence and stability in the nation's banking system.

What event in American history had a profound effect on modern-day banking regulations and policy? The Great Divide The Great Dust Bowl The Great Depression The Great Awakening

The Great Depression

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

deposit slip

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

fee

To keep your account at a financial institution active, you will need to _______________. pay bills online make deposits recommend your bank to others never accrue fees

make deposits

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

malware

You can use your debit card to make purchases _____________________. Choose the three answers that apply. Please do not guess, as incorrect answers for this question type are penalized. for just six transactions a month only where credit cards are accepted if you have at least $500.00 in your associated account in person at a store only where cash is accepted online over the phone

online over the phone in person at a store

A _______ is an overseer, or manager, over the affairs of his master, and is fully accountable to the owner or master for how he manages his assets. steward pastor teacher boss

steward

Decisions made about _________, which are usually mutually-held corporations, are made by depositors and borrowers. thrifts accounts bankers credit unions

thrifts

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

transaction fee

What is the biggest barrier to having your identity stolen or compromised?

you

match unsolicited emails credit cards shopping online social security number Generally offer more protection than a debit card Do not open any attachments or links within Never give this out in response to an unsolicited message Deal with reputable merchants and be wary of unbelievably low prices

unsolicited emails -> Do not open any attachments or links within credit cards -> Generally offer more protection than a debit card shopping online -> Deal with reputable merchants and be wary of unbelievably low prices social security -> Never give this out in response to an unsolicited message

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

credit

The National Credit Union Share Insurance Fund was created by Congress in 1970, showing that in addition to banks, __________________ are also protected. credit unions mortgage companies Wall Street investment firms

credit unions

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 bank book check deposit slip

deposit slip

A direct withdrawal is an electronic transaction similar to direct deposit, except a direct deposit ________________________. can only deposit money into your account once a month while a direct withdrawal can be processed repeatedly during that period must be in increments of $100.00 and direct withdrawals can be for any amount comes from your employer and a direct withdrawal goes to your bank deposits money into your account while a direct withdrawal takes money out of your account

deposits money into your account while a direct withdrawal takes money out of your account

First Timothy 6:6-8 says, "But __________ with __________ is great gain, for we brought nothing into the world, and we cannot take anything out of the world. But if we have food and clothing, with these we will be content." wealth, land employment, increase godliness, contentment money, power

godliness, contentment

In the 1970's under the Carter administration, the United States was plagued with __________________. low interest rates and high prices high inflation and high unemployment mad cow disease and salmonella high purchasing and low gasoline prices

high inflation and high unemployment

You are the biggest barrier to having your identity stolen or compromised. Don't assume your identity is safe. Taking simple precautions to protect your ____ may save you time, money, and heartache.

identity

It is necessary to sometimes allocate _______ resources among ________ alternatives. important, unimportant living, restrictive unlimited, limited limited, unlimited

limited, unlimited

In the same way that you as a student must keep order to your class materials, we must keep a(n) _________ system to our financial materials. nonexistent chaotic orderly simple

orderly

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

overdraft fee

Developing an orderly system for our financial records is vital to help us be efficient, and it is a matter of good ____________. saving stewardship banking exercise

stewardship

The First and Second Banks of the United States were given a ___-year charter. 30 20 10 100

20

Which options are available when you use a deposit slip? Choose all that apply. Please do not guess, as incorrect answers are penalized for this question type. A blank slip for you to fill in the information A deposit slip with no monetary values The date, account number, and name are already printed on the deposit slip. A deposit slip from a bank that is not your own

A blank slip for you to fill in the information The date, account number, and name are already printed on the deposit slip.

Choose all statements that describe a "credit union." Please do not guess, as incorrect answers are penalized for this question type. Accepts deposits to accounts like a bank Open for anyone to join - no qualifications necessary Provides services only to its members Not for profit A financial institution Profits go to stock holders that are not members Profits and surpluses go to pay administrators and provide services for members Member-owned

Accepts deposits to accounts like a bank Provides services only to its members Not for profit A financial institution Profits and surpluses go to pay administrators and provide services for members Member-owned

What important document should you monitor to help with cybersecurity? Bank statements Grade report Checking account register Vehicle registration card

Bank statements

What are the three main types of financial institutions available to help you manage your finances? Savings and loans, mortgage companies, banks Car loan stores, payday loans, loan sharks Department stores, grocery stores, car dealers Banks, credit unions, thrifts

Banks, credit unions, thrifts

Why is it imperative to keep precise records, particularly with checking accounts? Because checking accounts can disappear Because banks demand it Because you can make more money that way Because it is a matter of thoughtful stewardship

Because it is a matter of thoughtful stewardship

What is it called when you authorize specific deposits, such as a paycheck, on a regular basis? Fast deposit Direct deposit Complete deposit Updated deposit

Direct deposit

Which item would you NOT see on a checkbook register? Check number Balance Description/transaction Driver's license number

Driver's license number

When you request a cashier's check or other forms of payment through a delivery service overnight, what type of fee might you incur? FedEx fee Overdraft fee Expedited delivery fee Account research fee

Expedited delivery fee

Choose the three potential fees you may see if you bank online. Please do not guess, as incorrect answers are penalized for this question type. Expedited delivery fee Wire transfer fee Returned deposit item fee Internet access fee

Expedited delivery fee Wire transfer fee Returned deposit item fee

Match Investment Other income Job income Tips you receive as a restaurant server Child support Dividends from stocks or bonds

Investment -> Dividends from stocks or bonds Other income -> Child support Job income -> Tips you receive as a restaurant server

According to the lesson, what is our ultimate gift? Tithing 10% each month Saving to buy a new car A debt-free life Knowing Jesus and making Him known to the world

Knowing Jesus and making Him known to the world

Which could be considered an important part of stewardship? Never checking on your bank accounts Learning to properly document your bank accounts Not saving any money that you earn Giving away all of your money

Learning to properly document your bank accounts

What is the NCUA? National Car Ushers of America - They provide car parts. National Credit Union Acquisition - They buy out failing credit unions. National Credit Union Association - They insure deposits for credit unions. National Creditors Union of America - They are an organization that helps creditors collect debts.

National Credit Union Association - They insure deposits for credit unions.

Since being created in 1933, the FDIC has caused participants to lose how much money? No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933. Thousands of dollars Hundreds of dollars Millions of dollars

No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

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. Receives revenues for the federal government Prints currency for other countries Provides oversight of Secret Service protection for past presidents Makes payments for the federal government Accepts deposits from the general public Makes business loans to individuals Holds deposits for the federal government Acts as the federal government's fiscal agent

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

________________ 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. Mortgage loans Personal checking accounts Savings accounts Savings and loans associations

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? Prescriptions Shoes Golf clubs Overtime pay

Shoes

God used the ant in Proverbs 6:5-8 to teach us what? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type. To hide some of our money in a safe place To put aside extra money from each paycheck into a savings account To not be lazy To acquire wisdom

To put aside extra money from each paycheck into a savings account To acquire wisdom

Consider Matthew 16:26. How can the verse be summarized? You must make a profit in your business to save your soul. You must give away all of your possessions. You can keep your earthly treasures or save your soul, but you cannot do both. You can have everything you want in life.

You can keep your earthly treasures or save your soul, but you cannot do both.

What is one consequence of not maintaining organized financial records? You could be charged fees or interest. You could get banned from your bank. You could win the lottery. You could pay off all debt.

You could be charged fees or interest.

_______ are electronic terminals that let you bank almost virtually any time. Brick and mortar banks Coffee kiosks ATMs EFTs

atm

A paper form that you fill out and use as payment

check

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

checkbook register

Personal computer banking lets you handle many banking transactions using your personal ______

computer

_____ is any money you have coming in from work, investments, or other sources.

income

Regardless of the financial institution you choose, be sure you know how your money is _______________. protected hidden stolen spent

protected

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

routing number

Who urged Congress to assume the war debts of the states and then create a Bank of the United States? Alexander Hamilton Andrew Jackson George Washington Ronald Reagan

Alexander Hamilton

Which president was an opponent of the central banking system and vetoed a bill for an early re-charter of the banks? James Madison Andrew Jackson George Washington Thomas Jefferson

Andrew Jackson

If the bank does not initially allow you to open an account, what options do you have? Ask about a "second-chance" option that may allow you to open a checking account after meeting certain requirements. Pester the banker until he/she allows you to have an account. You don't have any options. You will never be able to open an account with any bank. Hide all of your money under your mattress instead of using a financial institution.

Ask about a "second-chance" option that may allow you to open a checking account after meeting certain requirements.

Match Bank Credit Union Thrift Specializes in accepting savings deposits and making money off mortgages and personal loans to its members Regulated by the government A member-owned financial institution and provides financial services only to its members Usually mutually held corporations with decisions made by depositors and borrowers A financial institution that accepts deposits to accounts and, in turn, uses those monies to lend to individuals or invest in capital markets to earn interest for both the bank and its customers "For-profit" corporations charging fees and interest in order to pay administrative costs and stockholders Considered "not-for-profit" because all profits and surpluses are used to pay for administrative costs and services to members Known as a savings and loans association

Bank Regulated by the government A financial institution that accepts deposits to accounts and, in turn, uses those monies to lend to individuals or invest in capital markets to earn interest for both the bank and its customers "For-profit" corporations charging fees and interest in order to pay administrative costs and stockholders Credit Union A member-owned financial institution and provides financial services only to its members Considered "not-for-profit" because all profits and surpluses are used to pay for administrative costs and services to members Thrift Known as a savings and loans association Specializes in accepting savings deposits and making money off mortgages and personal loans to its members Usually mutually held corporations with decisions made by depositors and borrowers

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. Paying your water bill Buying groceries Buying a cell phone Buying a second pair of tennis shoes for sports

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

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. Give the bank half of your money each month. Ignore any fees; they are just part of doing business with a bank. Carefully review any fees associated with your bank. Always ask your bank about hidden fees that may be applicable to your account.

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

How can we think of each wedge of the pie and how they work together? The pieces do not get along. The pieces do not affect each other. No one piece acts independently. Every piece acts independently of the others.

No one piece acts independently.

You have surpassed the number of allowed transactions at your financial institution this month. What fee can you expect to incur? Account research fee Return deposit item fee Excessive transactions fee Overdraft fee

Return deposit item fee

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 Get friends to look over all your information and make suggestions Consider consolidation accounts to reduce paperwork and avoid fees Wait and pay your bills on the latest possible date

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

Even though you may not deal with regular income and bills as a teenager, what is still a good idea to do? Save every penny and spend zero dollars on any fun. Spend as much as possible to learn how the economy works. Don't worry about income and bills - there is plenty of time for that when you are an adult. Start tracking your finances and keep up with any personal information that you may need when planning for college or entering the workforce.

Start tracking your finances and keep up with any personal information that you may need when planning for college or entering the workforce.

We must purchase things in this world. However, the world's culture makes us feel that we must be driven by which of the following things? Choose all that apply. Please do not guess, as incorrect answers are penalized for this question type. Prayer Success Significance Security

Success Significance Security

What may happen if you use your ATM card to withdraw cash from an ATM? You may win extra money. The bank may call you in for an interview. You may be charged an ATM fee. You may lose your account.

You may be charged an ATM fee.

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 name and address Your Social Security number Your monthly mortgage amount Your checking account balance

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