Free Practice Quiz Question List

03 Banking and Payments Online Quiz Questions

Use this free practice quiz with 20 questions to review 03 Banking and Payments, test your knowledge, and prepare for your next test or exam.

20 questions

Choose one

1 point

You need to pay someone immediately and do not have a bank account available. Which payment method meets both conditions?

A
Cash
B
ACH transfer
C
Bank bill pay
D
Debit card

Fill in the blank

1 point

Direct deposit and many recurring bill payments use transfers.

Written response

1 point

Which type of bank account is designed for frequent transactions such as receiving paychecks and paying bills?

True or false

1 point

At an FDIC-insured bank, FDIC deposit insurance protects stocks and mutual funds if the bank fails. True or false?

A
True
B
False

Fill in the blank

1 point

When you authorize a company to withdraw payments from your bank account, you are using .

Written response

1 point

FDIC deposit-insurance limits are calculated per depositor and per insured bank, as well as per what third basis?

Choose one

1 point

You receive an unexpected text that appears to be from your bank and contains a sign-in link. Which action follows a recommended digital-banking practice?

A
Open the unexpected link and sign in to check whether it is genuine.
B
Use the bank’s official app or type its known website address yourself.
C
Reply to the message with your account details to verify your identity.
D
Forward the link to someone else and ask them to sign in.

Written response

1 point

What account-security feature should you turn on where available to add another verification step at sign-in?

True or false

1 point

A bank generally may not charge an overdraft fee for a one-time debit-card or ATM transaction unless the customer opted in to overdraft coverage. True or false?

A
True
B
False

Choose one

1 point

What is an accurate statement about deposit-insurance protection for money left in a payment app?

A
Every balance held in a payment app is automatically insured.
B
Payment-app balances are never eligible for deposit-insurance protection.
C
Protection may depend on the app’s arrangements and the user’s enrollment.
D
The app balance is insured only if the user has a credit card.

Choose all

1 point

You are comparing bank accounts before opening one. Which items are specifically useful to check? Select all that apply.

A
Whether there is a monthly fee and how it can be avoided.
B
What balance or deposit is required to open or maintain the account.
C
Which ATMs are free and what other ATMs cost.
D
What overdraft and returned-payment fees may apply.
E
Whether the bank guarantees that every payment will clear immediately.

Choose all

1 point

You notice a transaction you did not authorize. Which actions are recommended? Select all that apply.

A
Contact the bank promptly through a trusted phone number or app.
B
Keep confirmation numbers and other records related to the report.
C
Wait several weeks before contacting the bank to see whether the transaction disappears.
D
Give a caller your one-time verification code so they can investigate.

Choose one

1 point

An account is advertised as “free.” What should you conclude before deciding whether it suits you?

A
A free account cannot have any fees under any circumstances.
B
A free account may still have some fees, so check its fee schedule.
C
Only credit unions are allowed to charge fees on free accounts.
D
A free account always waives out-of-network ATM fees.

Open ended

1 point

You have a scheduled payment coming up, but your online balance may not include every recent transaction. Explain how you should manage the payment and what you should do if you discover an unauthorized transaction.

Choose one

1 point

Jordan wants an account for receiving paychecks, paying bills, and making frequent debit-card purchases. Which account type best fits these needs?

A
A savings account, because it is designed mainly for frequent bill payments
B
A checking account, because it is commonly used for paychecks and everyday payments
C
A payment app balance, because it replaces a bank account for all routine spending
D
A credit card, because purchases are paid directly from a linked deposit account

True or false

1 point

True or false: A cash payment is immediate and does not require an account, but cash that is lost or stolen can be difficult to recover.

A
True
B
False

Choose one

1 point

A bank advertises a checking account as “free.” What should a customer do before opening it to understand possible charges?

A
The word free means the account cannot have any charges
B
Only credit cards can have fees, not checking accounts
C
The account may still have some fees, so its fee schedule should be reviewed
D
A fee schedule is only relevant after an account is closed

Written response

1 point

A paycheck is sent electronically from an employer to a worker’s bank account. What three-letter transfer method is commonly used for direct deposit?

Choose one

1 point

Riley wants to distinguish two ways of paying a recurring bill. Which statement correctly compares bank bill pay with automatic debit?

A
Bank bill pay asks the bank to send a payment; automatic debit authorizes a company to withdraw a payment
B
Bank bill pay authorizes a company to withdraw a payment; automatic debit asks the bank to send one
C
Both methods require the recipient to withdraw money without authorization
D
Neither method can be used for recurring payments

Choose one

1 point

Someone who contacts Casey unexpectedly claims to be from the bank and asks for a one-time verification code. What is the safest response?

A
Share the code if the caller knows your account balance
B
Ask the caller to send a link so you can verify the request
C
Share the code only if the caller says the account is at risk
D
Do not share the code; contact the bank using a trusted phone number or its official app