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- 1 / 18
How old must a person be to open their own savings account in the US?
- 14
- 16
- 18
- 21
In the United States, the age to open a bank account without the assistance of a parent or legal guardian is 18. A child of any age can have a bank account, as long as it's a custodial or joint account with a parent or legal guardian. Some credit unions and banks also let a grandparent open a custodial account for their grandchild.
- 2 / 18
What is the most widely traded currency in the world?
- US dollar
- Chinese yuan
- Euro
- Japanese yen
Issued by the Federal Reserve (Fed), the US dollar is the official currency of the United States. It is the number one most traded currency globally, accounting for a daily average volume of US$2.9 trillion. There are several reasons for its popularity. Firstly, the US is the world’s largest economy and a powerhouse in international trade. Secondly, the US dollar is the world’s primary ‘reserve currency,’ held by central and commercial banks for international transactions and investment – estimated to make up nearly 63% of currency reserves by volume. And thirdly, many commodities are priced in dollars, including gold, oil, and copper.
Source: IG Group
- 3 / 18
Which was the nation's first de facto national bank in the U.S.?
- National Bank
- Bank of Italy
- Bank of North America
- American Bank
The Bank of North America was the first chartered bank in the United States and served as the country's first de facto central bank, chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782. The bank's founding was based on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, including recommendations by Revolutionary-era Founding Father Alexander Hamilton, who was appointed the first U.S. Secretary of the Treasury by George Washington.
Source: Wikipedia
- 4 / 18
Which of these is another name for a bank teller?
- Handler
- Concierge
- Cashier
- Croupier
A bank teller (often abbreviated to simply teller) is an employee of a bank whose responsibilities include the handling of customer cash and negotiable instruments. In some places, this employee is known as a cashier or customer representative. Tellers also deal with routine customer service at a branch. Being front-line staff they are most likely to detect and stop fraudulent transactions to prevent losses at a bank.
Source: Wikipedia
- 5 / 18
The earliest tasks of which bank included "express" mail delivery?
- Wells Fargo
- Citigroup
- Wachovia
- Key Bank
Wells Fargo & Company is an American multinational financial services company with a significant global presence. It is a systemically important financial institution according to the Financial Stability Board, and is considered one of the "Big Four Banks" in the United States. Henry Wells and William G. Fargo, who founded American Express along with John Butterfield, formed Wells Fargo & Company in 1852 to provide "express" and banking services to California, which was growing rapidly due to the California Gold Rush. Its earliest and most significant tasks included transporting gold from the Philadelphia Mint and "express" mail delivery that was faster and less expensive than U.S. Mail.
Source: Wikipedia
- 6 / 18
What code must a person typically introduce in an ATM transaction?
- RUT
- SS number
- PIN
- Postal code
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries, or account information inquiries, at any time and without the need for direct interaction with bank staff. Customers are typically identified by inserting a plastic ATM card into the ATM, with authentication being by the customer entering a personal identification number (PIN), which must match the PIN stored in the chip on the card, or in the issuing financial institution's database.
Source: Wikipedia
- 7 / 18
A loan taken out to purchase a property is known as what?
- Mortgage
- Dividend
- Collateral
- Asset Finance
A mortgage loan or simply mortgage, in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms.
Source: Wikipedia
- 8 / 18
Which investment type pools money from many investors to buy stocks?
- Certificates of Deposit
- Bonds
- Annuities
- Mutual funds
A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt. The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents an investor’s part of ownership in the fund and the income it generates.
Source: Investor
- 9 / 18
Where in the world do ATMs use Latin as a language option?
- Vatican City
- Portugal
- Spain
- Greece
The automated teller machines (ATMs) use Latin as a language option in Vatican City, the independent city-state that is ruled by the Pope, or the head of the Catholic Church. The classical language is otherwise extinct throughout the rest of the world but remains in use in many official capacities of the Catholic Church, including the Vatican Bank. The Vatican Bank, technically known as the Institute for the Works of Religion, is a private financial institution that was founded in 1942 to handle money used for charity and other religious functions in Vatican City.
Source: Cultural World
- 10 / 18
Which was the first company to be listed on the New York Stock Exchange?
- Johnson & Johnson
- Deere & Company
- Consolidated Edison
- Bank of New York
The history of the New York Stock Exchange External begins with the signing of the Buttonwood Agreement by twenty-four New York City stockbrokers and merchants on May 17, 1792, outside of 68 Wall Street under a Buttonwood tree. In the beginning, there were five securities traded in New York City with the first listed company on the NYSE being the Bank of New York.
Source: Library of Congress
- 11 / 18
What does IRA stand for in the context of personal finance?
- Individual Retirement Account
- Infinite Retirement Allowance
- Interest Rate Adjustment
- Investment Returns Account
An individual retirement account (IRA) is a long-term savings account that individuals with earned income can use to save for the future while enjoying certain tax advantages. The IRA is designed primarily for self-employed people who do not have access to workplace retirement accounts such as the 401(k), which is available only through employers.
Source: Investopedia
- 12 / 18
What is the fee charged by a lender on money borrowed called?
- Embargo
- Interest
- Dividend
- Liquidity
Interest is the monetary charge for the privilege of borrowing money. Interest expense or revenue is often expressed as a dollar amount, while the interest rate used to calculate interest is typically expressed as an annual percentage rate (APR). Interest is the amount of money a lender or financial institution receives for lending out money. Interest can also refer to the amount of ownership a stockholder has in a company, usually expressed as a percentage.
Source: Investopedia
- 13 / 18
Which of these is the largest bank in the United States as of 2023?
- Wells Fargo Bank
- JPMorgan Chase
- Capital One
- Citigroup
JPMorgan Chase is the biggest bank in America by assets under management (and it became even larger recently when it bought most of the assets of the failed bank First Republic). It’s an investment bank in its own right and a holding company for several subsidiaries, including Chase Bank (the consumer banking arm).
Source: Bank Bonus
- 14 / 18
Antarctica's only ATM dispenses what currency?
- South African rand
- U.S. dollar
- Argentine peso
- Australian dollar
Despite the frigid temperatures, ornery elephant seals, and months of perpetual darkness, Antarctica is still a place where money matters. That’s where Wells Fargo comes in. The banking conglomerate installed an automatic teller machine (ATM) back in 1998 at McMurdo Station, the largest science hub on the continent. Depending on the season, McMurdo’s population ranges from 250 to more than 1000. And like any small community, commerce is crucial. While McMurdo is near New Zealand territory, the ATM only dispenses U.S. dollars.
Source: Mental Floss
- 15 / 18
Which bank was originally called The Bank of Italy?
- Citigroup
- Bank of America
- JP Morgan Chase
- Goldman Sachs
Amadeo Peter Giannini was born in San Jose, California in 1870. At age 34, he launched a small bank in the Italian neighborhood of North Beach, San Francisco. On November 1, 1930, the Bank of Italy in San Francisco changed its name to Bank of America. The bank today has the same national bank charter number as Giannini's old bank— #13044.
- 16 / 18
Which of these is an American bank headquartered in McLean, Virginia?
- Citigroup
- Capital One
- JPMorgan Chase
- Goldman Sachs
Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States. It is on the list of largest banks in the United States, is the third largest issuer of Visa and Mastercard credit cards, and is one of the largest car finance companies in the United States.
Source: Wikipedia
- 17 / 18
Which international body is affiliated with the World Bank?
- World Health Organization
- European Union
- NATO
- United Nations
World Bank, in full World Bank Group, international organization affiliated with the United Nations (UN) and designed to finance projects that enhance the economic development of member states. Headquartered in Washington, D.C., the bank is the largest source of financial assistance to developing countries. It also provides technical assistance and policy advice and supervises—on behalf of international creditors—the implementation of free-market reforms. Together with the International Monetary Fund (IMF) and the World Trade Organization, it plays a central role in overseeing economic policy and reforming public institutions in developing countries, and defining the global macroeconomic agenda.
Source: Britannica
- 18 / 18
What would you find on the Chase.com website?
- Banking
- Maps
- Social Networking
- Music
JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955.
Source: Wikipedia
