FREE CBT Financial Products & Services Questions and Answers

Question 1

Which account type typically earns interest and allows limited monthly withdrawals?

Accepted Answer

Savings account

Answer

Checking account

Answer

Money market account

Answer

Certificate of deposit

Question 2

What is a primary benefit of a Certificate of Deposit (CD)?

Accepted Answer

High interest rate for fixed term

Answer

Unlimited withdrawals

Answer

No penalties for early access

Answer

Linked to credit card rewards

Question 3

Which type of loan is typically used to finance the purchase of a home?

Accepted Answer

Mortgage

Answer

Personal loan

Answer

Auto loan

Answer

Home equity line of credit

Question 4

What is the main feature of a checking account?

Accepted Answer

Allows frequent transactions

Answer

Earns high interest

Answer

Limited monthly withdrawals

Answer

Restricted to large deposits

Question 5

What does overdraft protection do?

Accepted Answer

Covers shortfalls in account balance

Answer

Blocks all card transactions

Answer

Charges higher interest on deposits

Answer

Limits check writing

Question 6

What type of financial product is best for short-term saving goals?

Accepted Answer

Savings account

Answer

IRA retirement account

Answer

Mutual fund

Answer

Fixed annuity