H&R Block Quiz 1 Exam Questions &
Answers4
Which is a difference between credit unions and consumer banks? - ANSWERS-Credit unions are
not open to all members of the public.
Which is a drawback of virtual (internet only) banks? - ANSWERS-Some financial transactions
can only be done in person, not virtually.
Which is an advantage to having an account at a consumer bank instead of a credit union? -
ANSWERS-Consumer banks often offer more financial services than credit unions.
When opening a checking or share draft account, which would likely be the most important
consideration? - ANSWERS-What types of fees are charged for maintaining and using the
account?
A person has $4000 to put into savings. Assuming all options were offered by the same
institution, which account is likely to offer the highest interest rate? - ANSWERS-Certificate of
deposit -early payment penalty withdrawal (much higher interest)
Which account offers the most liquidity? - ANSWERS-Checking account
Which is a good reason to use an Automated Clearing House (ACH) to pay a regularly occurring
bill such as a monthly utility bill or student loan payment? - ANSWERS-Having the payment
made automatically means the payment is less likely to be missed.
Which is true of overdraft protection (ODP)? - ANSWERS-It requires funds to be available from a
linked account.
Answers4
Which is a difference between credit unions and consumer banks? - ANSWERS-Credit unions are
not open to all members of the public.
Which is a drawback of virtual (internet only) banks? - ANSWERS-Some financial transactions
can only be done in person, not virtually.
Which is an advantage to having an account at a consumer bank instead of a credit union? -
ANSWERS-Consumer banks often offer more financial services than credit unions.
When opening a checking or share draft account, which would likely be the most important
consideration? - ANSWERS-What types of fees are charged for maintaining and using the
account?
A person has $4000 to put into savings. Assuming all options were offered by the same
institution, which account is likely to offer the highest interest rate? - ANSWERS-Certificate of
deposit -early payment penalty withdrawal (much higher interest)
Which account offers the most liquidity? - ANSWERS-Checking account
Which is a good reason to use an Automated Clearing House (ACH) to pay a regularly occurring
bill such as a monthly utility bill or student loan payment? - ANSWERS-Having the payment
made automatically means the payment is less likely to be missed.
Which is true of overdraft protection (ODP)? - ANSWERS-It requires funds to be available from a
linked account.
