The Ultimate Federal Deposit Insurance Corporation Quiz
How do you know your bank is safe? The Federal Deposit Insurance Corporation guarantees your bank deposit up to the published limit, so you can sleep easy if your accounts are deposited at an FDIC-insured bank. Take this quiz and see how rich your FDIC knowledge is.
What does FDIC stand for?
Federal Deposit Insurance Corporation
Future Discount Insurance Company
Fast Deposit Investment Corporation
Who does the FDIC insure?
depositors of FDIC insured banks
stock investors of FDIC insured banks
bond holders of FDIC insured banks
Who funds the FDIC?
federal tax dollars
state and local tax dollars
insurance premiums and investments
What happened to U.S. banks during the depression?
Many banks failed.
Banks were profitable.
Banks had low interest rates on accounts.
From 1929 to 1933, how much of consumers' bank deposits were lost?
Which president signed the Banking Act of 1933?
President Franklin D. Roosevelt
President Theodore Roosevelt
President Harry S. Truman
When the FDIC was originated, how much were bank accounts insured for?
$1,000 per depositor
$2,500 per depositor
$5,000 per depositor
The Federal Deposit Insurance Act of 1950 raised the FDIC insurance limits to how much?
$5,000 per depositor
$10,000 per depositor
$12,000 per depositor
What year were the insurance limits raised to $100,000 per depositor?
When was the U.S. Savings and Loan Crisis?
Who overseas the FDIC?
a five-member board
the U.S. president
the U.S. secretary of state
Who is responsible for policing the insured banks?
The Division of Supervision and Consumer Protection
Division of Insurance and Research
What happens if your bank fails and your account balance was more than the FDIC insurance coverage?
You will not receive any more than the coverage limits.
You may receive more than the coverage limits.
You will be covered for your total losses.
If the FDIC coverage is $100,000 per depositor, what is the FDIC coverage for a joint account?
What is a certificate of deposit?
CDs earn interest and are closed to withdrawals for a specific time.
CDs are interest bearing accounts.
CDs are stock investments.
With a saving, your money is available anytime. Why would you buy a certificate of deposit and close your money?
to earn a higher interest
to earn a lower interest
to earn dividend
Are certificate of deposits insured by the FDIC?
CDs are insured with the same limits as regular savings account.
CDS are insured with lower limits than a regular savings account.
CDs are insured with higher limits than regular savings account.
Does the FDIC insure stock investments?
There is not FDIC insurance for stock investments.
The coverage is higher than for CDs.
The coverage is lower than for CDs.
When FDIC insured banks have failed, how many FDIC depositors have been unable to get reimbursed?
If you have question about FDIC insurance limits, who can help you?