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Financial Quiz #2

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

 1 

“PIN” is an acronym for “Personal Identification Number”.
 

 2 

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

 3 

A NOW Account can be viewed either 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.
 

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
 

 4 

An investment that can be turned into cash quickly is known as a ......
a
outstanding investment
c
solid investment
b
liquid investment
d
cash investment
 

 5 

The sum of the daily balances divided by the number of days in the month for a specified account is the definition for....
a
minimum monthly balance
c
average monthly balance
b
average quarterly balance
d
minimum daily balance
 

Completion
Complete each sentence or statement.
 

 6 

Capable of meeting financial obligations 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? (used to be SAIF)

__________________
 

 

 8 

The amount paid for the use of money is the definition for.....

__________________
 

 

 9 

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

 

 10 

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

______________  _____________  ______________
 

 



 
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