Question

1. the national credit union association (ncua)

a. insures deposits at credit unions
b. issues debit cards
c. controls personal spending
d. collects taxes

1. non - sufficient funds (nsf) means:

a. too much money in an account
b. money that cannot be deposited
c. not enough money in an account to cover a transaction
d. a frozen account

1. overdraft protection is a service that:

a. prevents atm use
b. covers transactions when there is not enough money in an account
c. stops all withdrawals
d. cancels checks automatically

1. a personal identification number (pin) is used to:

a. identify a bank employee
b. sign a check
c. secure access to accounts and cards
d. open a new account

1. a stop payment is a request to:

a. cancel a deposit
b. stop a check from being paid
c. close a bank account
d. block a debit card forever

Explanation:

1. The NCUA's core function is insuring deposits at credit unions, similar to how FDIC insures bank deposits.
2. NSF is a banking term for when an account lacks enough funds to complete a transaction.
3. Overdraft protection is designed to cover transactions that would otherwise fail due to insufficient account funds.
4. A PIN is a security code used to verify a user's identity and secure access to their bank accounts/cards.
5. A stop payment is a formal request to a financial institution to prevent a issued check from being processed and paid.

Answer:

1. A. Insures deposits at credit unions
2. C. Not enough money in an account to cover a transaction
3. B. Covers transactions when there is not enough money in an account
4. C. Secure access to accounts and cards
5. B. Stop a check from being paid