#1
What is a common feature of a savings account?
Limited number of withdrawals per month
ExplanationRestriction on monthly withdrawals
#2
Which of the following is NOT typically offered by banks?
Health insurance
ExplanationNon-financial service
#3
Which of the following is a characteristic of a checking account?
Access to a line of credit
ExplanationOverdraft protection
#4
What is the purpose of a wire transfer?
To transfer funds electronically between accounts
ExplanationElectronic fund transfer
#5
What does APR stand for in the context of banking?
Annual Percentage Rate
ExplanationMeasurement of loan costs
#6
What is a characteristic of a Certificate of Deposit (CD)?
Fixed term and interest rate
ExplanationFixed duration and interest
#7
What is the purpose of a routing number in banking?
To identify the bank
ExplanationBank identification code
#8
Which of the following is a type of loan where the borrower uses their home as collateral?
Mortgage
ExplanationHome-backed loan
#9
Which type of account typically offers the highest interest rates?
Certificate of Deposit (CD)
ExplanationHigher interest-bearing account
#10
What does FDIC stand for in the context of U.S. banking?
Federal Deposit Insurance Corporation
ExplanationU.S. bank deposit insurer
#11
In banking, what does the term 'APY' refer to?
Annual Percentage Yield
ExplanationEffective annual interest rate
#12
Which of the following is a common feature of a money market account?
High liquidity
ExplanationQuick access to funds