Basic Banking General Knowledge Questions with Answers

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Basic Banking General Knowledge Questions with Answers

 

Basic Banking General Knowledge Questions with Answers

 

1. Which is a financial firm that accepts people’s deposits and uses them to make loans and investment?
Answer: Bank.

 

2. The word ‘bank’ comes from:
Answer: ‘The Italian word ‘banco’.

 

3. What is the meaning of ‘banco’?
Answer: Bench.

 

4. Modem banking began to develop during:
Answer: 1200’s.

 

5. Modern banking began to develop in:
Answer: Italy.

 

6. Which is the advanced technological system that moves funds from one account to another without the use of cheques?
Answer: EFT (Electronic Funds Transfer)

 

7. EFT includes five types of facilities and systems. What are they?
Answer: 1. Automated Teller Machine, 2. Telephone Banking Systems, 3. Computer Banking Systems, 4. Automated Clearing Houses, 5. Point-of-sale Terminals.

 

8. Automated teller machines are also called:
Answer: Cash machines or Cash dispensers.

 

9. What are Automated teller machines?
Answer: Computer terminals at Banks, airports, shopping centres and many other locations.

 

10. What are the specialties of Automated teller machines (ATM’s)?
Answer: ATM’s enable people to do their banking at many locations at any hour of the day or night, seven days a week.

 

11. How Telephone-banking systems enable customers to pay bills and transfer funds from one account to another?
Answer: By calling a special telephone number.

 

12. Which system also allows people to pay bills and transfer funds from one account to another at any time?
Answer: Computer banking system.

 

13. Computer centers for the automatic deposit of regular income and the automatic payment of many bills:
Answer: Automated clearing houses.

 

14. Computer terminals in retail stores:
Answer: Point-of-sale terminals.

 

15. Which cards have one or more embedded computer chips that store information about the user’s bank balances and purchases?
Answer: Smart cards.

 

16. During which period, many banks in Europe began to use electronic money?
Answer: 1990.

 

17. Electronic money is also called:
Answer: E-money or e-cash.

 

18. Where did the large banking firms were established?
Answer: Florence, Rome, Venice and other Italian cities.

 

19. How did the word bank come from the Italian word banco (benches)?
Answer: Early Italian bankers conducted their business on benches in the street.

 

20. Which bankers had developed many of the features of modem banking?
Answer: London Bankers.

 

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