Retail Banking Industry and Processes, Finance And Accounting

Question: How is a money market account different from a savings account?
A
Only rich people are allowed to have money market accounts

B
Money market accounts are offered only by national banks, not by local banks

C
Money market accounts always require some monthly fee, savings accounts do not

D
A money market account earns a higher interest rate and typically has a limit on the number of transactions each month

Note: Answer not sure
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Question: Which of the following is not covered by the FDIC?
A
A checking account

B
Money market funds

C
A savings account

D
IRA

Note: Answer not sure
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Question: What does the term "Ex Gratia Payment" mean?
A
An extra payment made during a month on a bank loan

B
An extra interest payment made by the bank to customers

C
A late payment on a loan

D
Any payment made to an insured party for which an insurance company had no formal liability

Note: Answer not sure
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Question: What is the payment that people receive after a mishap which leaves them in the same financial position as they were in before they suffered the loss called?
A
Default

B
Collateral

C
Indemnity

D
Back pay

Note: Answer not sure
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Question: What type of account would someone who wants the facility to pay people through checks open?
A
A savings account

B
A checking account

C
A money market account

D
A stock account

Note: Answer not sure
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Question: What amount would someone who has $500,000 in one bank and $250,000 in another bank be insured for in total?
A
$500,000: $500,000 from one bank and nothing from the other

B
$500,000: $250,000 from each bank

C
$250,000 in total regardless of the number of banks

D
$250,000 in total as the smaller deposit is the only one covered

Note: Answer not sure
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Question: What method would a consumer most likely use to move funds between their offshore account and their domestic account?
A
Mail cash

B
Wire transfer

C
Fly to the offshore country and withdraw it in person

D
Go to the local branch of the offshore bank

Note: Answer not sure
1. Report
Question: Which of the following would not be covered by the FDIC?
A
Checking accounts

B
Joint savings accounts

C
IRA

D
U.S. Government investments such as treasury bills

Note: Answer not sure
1. Report
Question: What level will the FDIC insure any one person at a bank for beginning January 1, 2010?
A
$50,000

B
$100,000

C
$250,000

D
$1,000,000

Note: Answer not sure
1. Report
Question: What is the definition of an offshore bank?
A
A bank located in a different state

B
A virtual bank with no physical location

C
A bank which only offers checking and no other services

D
A bank located outside the country of the depositor, usually in a lower tax jurisdiction

Note: Answer not sure
1. Report

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Question: How is a money market account different from a savings account?

Question: Which of the following is not covered by the FDIC?

Question: What does the term "Ex Gratia Payment" mean?

Question: What is the payment that people receive after a mishap which leaves them in the same financial position as they were in before they suffered the loss called?

Question: What type of account would someone who wants the facility to pay people through checks open?

Question: What amount would someone who has $500,000 in one bank and $250,000 in another bank be insured for in total?

Question: What method would a consumer most likely use to move funds between their offshore account and their domestic account?

Question: Which of the following would not be covered by the FDIC?

Question: What level will the FDIC insure any one person at a bank for beginning January 1, 2010?

Question: What is the definition of an offshore bank?