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Question 1 of 10
1. Question
Select more than one answer:
What are the causes of Financial float?Correct
Financial float occurs for the following reasons:
• deliberately created by the buyer
• the inefficiency of the supplier
• due to logistical situations
• as a bank compensation mechanismIncorrect
Financial float occurs for the following reasons:
• deliberately created by the buyer
• the inefficiency of the supplier
• due to logistical situations
• as a bank compensation mechanism -
Question 2 of 10
2. Question
Select more than one answer:
Identify the functions of a central bank in a country:Correct
• conducting the nation’s monetary policy through setting of interest rates and controlling the money supply
• supervising and regulating financial institutions
• conducting open market operations to inject or withdraw liquidity from the market • maintaining the stability of the financial system by assuring the smooth functioning and continued development and operation of the nation’s payment system
• providing banking services to the government, its agencies and other banking institutions
• developing regulations and administering government policy
• issuing coin and currency of the realmIncorrect
• conducting the nation’s monetary policy through setting of interest rates and controlling the money supply
• supervising and regulating financial institutions
• conducting open market operations to inject or withdraw liquidity from the market • maintaining the stability of the financial system by assuring the smooth functioning and continued development and operation of the nation’s payment system
• providing banking services to the government, its agencies and other banking institutions
• developing regulations and administering government policy
• issuing coin and currency of the realm -
Question 3 of 10
3. Question
In the USA any cash transactions through a financial institution of USD 10,000 or more must be reported by the bank in:
Correct
In the USA any cash transactions through a financial institution of USD 10,000 or more must be reported by the bank in a Currency Transaction Report (CTR).
Incorrect
In the USA any cash transactions through a financial institution of USD 10,000 or more must be reported by the bank in a Currency Transaction Report (CTR).
-
Question 4 of 10
4. Question
Banks that offer a full range of commercial business services with international capabilities are known as:
Correct
Global and super‐regional banks Banks that offer a full range of commercial business services with international capabilities. Although these banks may not offer full retail capabilities in every country, they have a branch presence in most major countries and offer local currency services.
Incorrect
Global and super‐regional banks Banks that offer a full range of commercial business services with international capabilities. Although these banks may not offer full retail capabilities in every country, they have a branch presence in most major countries and offer local currency services.
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Question 5 of 10
5. Question
How are the main duties of a bank determined?
Correct
The main duties of a bank are determined by law or through central bank regulations. Most banks publish terms and conditions that spell out their interpretation of the regulations in great detail.
Incorrect
The main duties of a bank are determined by law or through central bank regulations. Most banks publish terms and conditions that spell out their interpretation of the regulations in great detail.
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Question 6 of 10
6. Question
Select more than one answer:
What are the main duties of a Bank?Correct
At a minimum a bank is expected to:
• Handle customers’ business in a safe and professional manner.
• Honour customers’ cheques, provided that there are available funds in the account and that there are no legal reasons for refusing payment.
• Give reasonable notice if it wishes to close an account.
• Provide a balance of the account on request and send statements to customers on a regular basis.
• Receive customers’ money and cheques and credit them to the correct accounts.
• Repay money on demand during banking hours.
• Advise customers immediately of any improper event affecting the account.Give reasonable notice if it wishes to close an accountIncorrect
At a minimum a bank is expected to:
• Handle customers’ business in a safe and professional manner.
• Honour customers’ cheques, provided that there are available funds in the account and that there are no legal reasons for refusing payment.
• Give reasonable notice if it wishes to close an account.
• Provide a balance of the account on request and send statements to customers on a regular basis.
• Receive customers’ money and cheques and credit them to the correct accounts.
• Repay money on demand during banking hours.
• Advise customers immediately of any improper event affecting the account.Give reasonable notice if it wishes to close an account -
Question 7 of 10
7. Question
Select TWO names that are given to a current account in countries where cheques are frequently used:
Correct
The current account is the basic, traditional bank account. There are few or no restrictions on the type of transaction that can be passed over this type of account and depending on the country, a chequebook may also be available. This account is the one into which deposits are made and from which funds are disbursed. In the USA, and other countries where cheques are frequently used, these accounts may be referred to as ‘checking’ or ‘demand deposit accounts’ (DDA).
Incorrect
The current account is the basic, traditional bank account. There are few or no restrictions on the type of transaction that can be passed over this type of account and depending on the country, a chequebook may also be available. This account is the one into which deposits are made and from which funds are disbursed. In the USA, and other countries where cheques are frequently used, these accounts may be referred to as ‘checking’ or ‘demand deposit accounts’ (DDA).
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Question 8 of 10
8. Question
If some banks agree to pay interest (by law) on a current account, This is sometimes called a:
Correct
Some banks agree to pay interest on a current account. This is sometimes called a composite account since it is an amalgam of both a current and a savings account.
Incorrect
Some banks agree to pay interest on a current account. This is sometimes called a composite account since it is an amalgam of both a current and a savings account.
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Question 9 of 10
9. Question
Which account is the traditional interest‐earning account offered by banks?
Correct
The savings, or deposit, account is the traditional interest‐earning account offered by banks.
Incorrect
The savings, or deposit, account is the traditional interest‐earning account offered by banks.
-
Question 10 of 10
10. Question
In the UK and USA, to be recognized as a customer under the legal definition of the term, a person or corporate entity must have:
Correct
In the UK and USA, to be recognized as a customer under the legal definition of the term, a person or corporate entity must have entered into a contract to open an account in their name.
Incorrect
In the UK and USA, to be recognized as a customer under the legal definition of the term, a person or corporate entity must have entered into a contract to open an account in their name.