Fidelity bank Aptitude Test Questions and Answers
What does the term "APR" stand for?
a) Annual Payment Rate
b) Annual Percentage Rate
c) Average Payment Ratio
d) Account Payment Requirement
Answer: b) Annual Percentage Rate
Which of the following is not a type of bank account?
a) Savings account
b) Checking account
c) Loan account
d) Certificate of deposit
Answer: c) Loan account
What is the primary function of a central bank?
a) Providing loans to individuals
b) Regulating commercial banks
c) Issuing credit cards
d) Selling insurance policies
Answer: b) Regulating commercial banks
What is a "collateral" in the context of loans?
a) The interest rate
b) A security or asset offered by the borrower
c) Monthly payment amount
d) The bank's profit margin
Answer: b) A security or asset offered by the borrower
Which of the following is not a credit reporting agency?
a) Experian
b) Equifax
c) TransUnion
d) FDIC
Answer: d) FDIC
What is the purpose of a bank's routing number?
a) To identify a specific bank branch
b) To calculate account interest
c) To issue credit cards
d) To track stock market transactions
Answer: a) To identify a specific bank branch
What is the maximum amount of money insured by the FDIC (Federal Deposit Insurance Corporation) for a single bank account?
a) $50,000
b) $100,000
c) $250,000
d) $500,000
Answer: c) $250,000
Which of the following is a traditional banking service?
a) Cryptocurrency trading
b) Mobile banking app
c) Safe deposit box
d) Social media marketing
Answer: c) Safe deposit box
What does the acronym "ATM" stand for?
a) Automatic Teller Machine
b) All-Time Money
c) Account Transfer Method
d) Automated Text Messaging
Answer: a) Automatic Teller Machine
What is the role of the Federal Reserve in the United States?
a) Printing currency
b) Managing the national debt
c) Regulating international trade
d) Regulating monetary policy
Answer: d) Regulating monetary policy
What is a "co-signer" on a loan or credit application?
a) Someone who reviews loan applications
b) A person who works at a bank
c) A person who shares legal responsibility for the debt
d) The bank's CEO
Answer: c) A person who shares legal responsibility for the debt
Which type of account typically offers the highest interest rate?
a) Checking account
b) Savings account
c) Certificate of deposit (CD)
d) Mortgage account
Answer: c) Certificate of deposit (CD)
What does "KYC" stand for in the banking industry?
a) Know Your Currency
b) Keep Your Cash
c) Know Your Customer
d) Knead Your Credit
Answer: c) Know Your Customer
What is the primary function of the World Bank?
a) Providing personal loans to individuals
b) Providing international banking services
c) Offering microloans to small businesses
d) Providing financial and technical assistance to developing countries
Answer: d) Providing financial and technical assistance to developing countries
What does FDIC insurance cover in case of a bank failure?
a) All of a customer's losses
b) Up to $10,000 in losses
c) Up to $100,000 in losses
d) Up to $250,000 in losses
Answer: d) Up to $250,000 in losses
What is a "debit card" primarily used for?
a) Making cash withdrawals from ATMs
b) Building credit history
c) Earning interest on savings
d) Writing checks
Answer: a) Making cash withdrawals from ATMs
In the context of credit scores, what is considered a "good" FICO score?
a) 300
b) 500
c) 700
d) 850
Answer: c) 700
What does the term "mortgage" refer to?
a) A type of insurance
b) A loan to purchase a home
c) A government-issued bond
d) A credit card
Answer: b) A loan to purchase a home
What is the purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act?
a) Promoting risky financial practices
b) Regulating the use of cryptocurrency
c) Enhancing financial market stability and consumer protection
d) Abolishing all banks
Answer: c) Enhancing financial market stability and consumer protection
What is the function of the SEC (Securities and Exchange Commission) in the United States?
a) Regulating the stock market and protecting investors
b) Setting interest rates
c) Providing personal loans to individuals
d) Regulating international trade
Answer: a) Regulating the stock market and protecting investors.
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