1) A financial Institution provides financial services for its customers, including storing their money, managing their payments and providing loans a) True b) False 2) A Commercial Bank only offers financial services to Businesses a) True b) False 3) What services are NOT offered by Financial Institutions? a) Current accounts b) Deposit accounts c) Bill payments d) Credit Cards e) Loans f) Insurance 4) What are lodgements? a) Amounts of money paid into the current or deposit account b) Amounts of money paid OUT of the current or deposit account 5) What do you need to open a current account? a) Fill out the application form b) Photographic ID c) Proof of Address d) Be over 18 years of age e) Personal Public Services Number 6) What do the letters ATM stand for? a) Automated Teller Machine b) Automatic Telling Machine 7) What do the letters PIN stand for? a) Public Identification Number b) Personal Identification Number 8) What are Debit Cards used for? a) Allow consumers to pay for goods without using cash b) Allow consumers to access money from their deposit accounts c) Use a PIN to pay for goods and services 9) A Direct Debit (DD) is used for paying variable amounts and/or the payment date will change. What bills are paid this way?? a) Electricity b) Heating c) Rent d) Phone 10) A Standing Order (SO) is an instruction to a Financial Institution to pay a Fixed amount of money on a certain date. True or False? a) True b) False

Financial services

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