CRB CRB Branch Operations & Management

Question 1

Which document is required to open a new business checking account for a US-based LLC?

Accepted Answer

Articles of Organization and an EIN (Employer Identification Number)

Answer

Only the owner's personal ID

Answer

A personal credit report

Answer

A notarized letter from the state governor

Question 2

What is the primary purpose of a branch's daily cash balancing procedure?

Accepted Answer

To ensure actual cash on hand matches recorded transactions and identify discrepancies

Answer

To count ATM cash for audit purposes only

Answer

To prepare monthly financial statements

Answer

To calculate teller commissions

Question 3

Under the Bank Secrecy Act, a Currency Transaction Report (CTR) must be filed for cash transactions exceeding what threshold?

Accepted Answer

$10,000

Answer

$5,000

Answer

$25,000

Answer

$50,000

Question 4

What is 'structuring' in banking compliance terms?

Accepted Answer

Deliberately breaking up transactions to avoid triggering CTR reporting thresholds

Answer

Organizing a bank's organizational chart

Answer

Setting up CD laddering strategies for customers

Answer

Creating a tiered interest rate structure for savings accounts

Question 5

What is the standard opening procedure a teller should follow before beginning transactions for the day?

Accepted Answer

Begin accepting customer transactions immediately after clocking in

Answer

Log into the system, count their starting cash drawer, and verify the count against assigned beginning balance

Answer

Count only large bills in the cash drawer

Answer

Wait for the branch manager to count the drawer on their behalf

Question 6

Which concept describes a bank's obligation to verify the identity of customers opening new accounts?

Accepted Answer

Know Your Customer (KYC) / Customer Identification Program (CIP)

Answer

Community Reinvestment Act (CRA) compliance

Answer

Truth in Savings Act (TISA)

Answer

Fair Credit Reporting Act (FCRA)