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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?

Automated Clearing House Signup and view all the answers

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

Assesses whether an individual qualifies for a loan Signup and view all the answers

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

Certificate of deposit (CD) Signup and view all the answers

What does the acronym APR stand for?

Annual Percentage Rate Signup and view all the answers

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

To facilitate electronic funds transfers between banks, businesses, and consumers 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)?

The initial deposit amount Signup and view all the answers

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

To facilitate basic banking transactions, such as withdrawals, deposits, and balance inquiries Signup and view all the answers