Banking Terminology Quiz
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Questions and Answers

What does a bank ombudsman do?

  • Look into complaints if other modes have failed (correct)
  • Provide small loans to the poor
  • Provide mobile banking services
  • Assess an individual's credit history

What is the main purpose of micro financing?

  • To provide mobile banking services in rural areas
  • To assess credit ratings of individuals
  • To provide annual percentage yield on investments
  • To help raise the income level of the poor (correct)

What is a joint account?

  • An account with automated clearing house services
  • An account where people share equal rights and liabilities (correct)
  • An account with high annual percentage yield
  • An account with credit bureaus collect data

What does ACH stand for in banking terminology?

<p>Automated Clearing House (C)</p> Signup and view all the answers

What is the significance of credit rating in obtaining a loan?

<p>Assesses whether an individual qualifies for a loan (A)</p> Signup and view all the answers

Which of the following is NOT a type of cash equivalent?

<p>Certificate of deposit (CD) (B)</p> Signup and view all the answers

What does the acronym APR stand for?

<p>Annual Percentage Rate (D)</p> Signup and view all the answers

What is the primary function of an ACH (Automated Clearing House) payment system?

<p>To facilitate electronic funds transfers between banks, businesses, and consumers (C)</p> Signup and view all the answers

Which of the following is NOT a factor that influences the APY (Annual Percentage Yield) earned on a certificate of deposit (CD)?

<p>The initial deposit amount (B)</p> Signup and view all the answers

What is the purpose of an ATM (Automated Teller Machine)?

<p>To facilitate basic banking transactions, such as withdrawals, deposits, and balance inquiries (A)</p> Signup and view all the answers

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