Banking Basics Quiz

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What is one function of an ATM?

Make online investments

Withdraw cash (correct)

Apply for loans

Check account balances

Which of the following services is offered by banks to assist small businesses?

Foreign Exchange

Internet Banking

Small Business Support & Advice (correct)

Credit Card Applications

What service allows customers to manage their accounts anytime online?

Internet Banking (correct)

Credit & Debit Cards

ATM Services

Financial Advice

What does foreign exchange involve?

Buying foreign currency Signup and view all the answers

What is a key benefit of using credit and debit cards?

Allows 'buy now, pay later' options Signup and view all the answers

What is the minimum age required to open a savings account on your own?

16 years old Signup and view all the answers

What document is NOT required for opening a savings account for those under 16?

School report card Signup and view all the answers

To open a savings account for someone under 16, who must accompany them to the bank?

A parent or guardian Signup and view all the answers

Which item must be brought by individuals over 16 when opening a savings account?

Birth certificate or ID book Signup and view all the answers

What must individuals over 16 present along with their bank statement or bill?

A letter written by their parent/s Signup and view all the answers

What is the primary role of commercial banks?

To lend money to individuals and businesses Signup and view all the answers

Which of the following banks is identified as an investment bank in South Africa?

Rand Merchant Bank Signup and view all the answers

What form of currency did people primarily use before the advent of coins and paper money?

Grain and valuable goods Signup and view all the answers

What is the annual interest amount the woman earns on her investment of R200 000 at a 10% interest rate?

R20 000 Signup and view all the answers

What did goldsmiths do with the gold they stored from depositors?

They lent it out to others for a fee Signup and view all the answers

How much does the entrepreneur repay the bank after two years?

R248 000 Signup and view all the answers

How did ancient people retrieve their valuables from safe houses?

By presenting a written order Signup and view all the answers

What is the total interest earned by the woman at the end of two years?

R40 000 Signup and view all the answers

What is the profit that the bank keeps after transactions with both the woman and the entrepreneur?

R8 000 Signup and view all the answers

What role do banks play in the economy regarding money flow?

They help increase the money flow between consumers and producers. Signup and view all the answers