Product Service Quiz - Memberships | Attempts: 121

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| By Bruce Van

Bruce Van

Community Contributor

Quizzes Created: 5 | Total Attempts: 476

Questions: 10 | Attempts: 121 | Updated: Apr 16, 2024

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Questions and Answers

1.
1. Who is eligible to become an ALEC member? Select all that apply
- A.
  
  Spouse
- B.
  
  Domestic Partner
- C.
  
  Parents
- D.
  
  Abbott, Abbvie, or Hospira Employee
- E.
  
  Children
- F.
  
  Pets
- G.
  
  Siblings
- H.
  
  Legal Dependents
- I.
  
  In-laws
Correct Answer(s)
A. Spouse
B. Domestic Partner
C. Parents
D. Abbott, Abbvie, or Hospira Employee
E. Children
G. Siblings
H. Legal Dependents
I. In-laws

Explanation
Eligible individuals to become an ALEC member include spouses, domestic partners, parents, Abbott, Abbvie, or Hospira employees, children, siblings, legal dependents, and in-laws.

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2.

After becoming a member; they decide to relocate out of the country; do they have to close their account?
- A.
  
  Yes
- B.
  
  No
Correct Answer
B. No

Explanation
After becoming a member, individuals may decide to relocate out of the country, but this does not necessarily mean they have to close their account. They can choose to keep their account open and continue using it, even if they are living in a different country. Closing the account is not mandatory in this situation.

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3.

Members can apply and submit their application for membership completely online without having to submit paperwork?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
False. The statement suggests that members can apply and submit their application for membership completely online without having to submit paperwork. However, the correct answer is False, indicating that this statement is not true. Therefore, members cannot apply and submit their application for membership completely online without having to submit paperwork.

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4.

The following are acceptable forms of Identification: Select all that apply:
- A.
  
  U.S. Passport
- B.
  
  Wisconsin or Illinois Firearm ID
- C.
  
  Drivers License
- D.
  
  State ID
- E.
  
  Sam’s Club ID (photo card only)
- F.
  
  Abbott, Abbvie or Hospira Badge
- G.
  
  American Express Card (Blue Card only)
Correct Answer(s)
A. U.S. Passport
C. Drivers License
D. State ID
F. Abbott, Abbvie or Hospira Badge

Explanation
The acceptable forms of identification include a U.S. Passport, a Driver's License, a State ID, and an Abbott, Abbvie, or Hospira Badge. These forms of identification are considered valid and can be used for identification purposes.

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5.

ALEC offers accounts for minor/custodial accounts.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
ALEC offers accounts specifically designed for minors or custodial accounts. This means that they provide banking services and account options for individuals who are under the legal age of adulthood or for accounts that are managed by a custodian on behalf of a minor. This statement is true as it states that ALEC offers accounts for minor/custodial accounts.

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6.

It is not necessary to give the member our fee schedule when they open the membership since they can look it up online.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement suggests that there is no need to provide the fee schedule to members when they open a membership because they can access it online. However, this is not necessarily true as some members may not have access to the internet or may prefer to have a physical copy of the fee schedule. Therefore, it is important to provide the fee schedule to members when they open a membership, regardless of its availability online.

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7.

ALEC offers the following accounts: Select all that apply:
- A.
  
  Individual/ Joint Memberships
- B.
  
  Guardianship or Custodial Accounts
- C.
  
  Corporation
- D.
  
  Revocable Trust
- E.
  
  Irrevocable Trust
- F.
  
  Abbott Club/Non Abbott Club
- G.
  
  Hospira Club Accounts
- H.
  
  Representative Payee
Correct Answer(s)
A. Individual/ Joint Memberships
B. Guardianship or Custodial Accounts
D. Revocable Trust
F. Abbott Club/Non Abbott Club
G. Hospira Club Accounts
H. Representative Payee

Explanation
The correct answer includes the accounts that ALEC offers, which are Individual/ Joint Memberships, Guardianship or Custodial Accounts, Revocable Trust, Abbott Club/Non Abbott Club, Hospira Club Accounts, and Representative Payee. These are the different types of accounts that individuals or organizations can open with ALEC.

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8.

There is a $50.00 minimum deposit to establish membership.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The given statement is false because it states that there is a $50.00 minimum deposit to establish membership, which implies that a deposit is required to become a member. However, it is possible that membership can be established without any deposit, making the statement false.

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9.

¨A credit union offers members a ______ place to save money and can offer competitive rates for loans.

Correct Answer
safe
secure

Explanation
A credit union offers members a safe and secure place to save money and can offer competitive rates for loans. This means that members can trust that their money is protected and will not be at risk. Additionally, the credit union provides a secure environment for members to conduct their financial transactions. By offering these safety and security measures, the credit union ensures that members feel confident in their financial decisions and can benefit from favorable loan rates.

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4
10.

ALEC is able to open _________ membership(s) per social security number.

Correct Answer
1
one
uno

Explanation
The correct answer is 1, one, or uno because it indicates that ALEC is able to open only one membership per social security number.

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4

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Current Version
Apr 16, 2024

Quiz Edited by
ProProfs Editorial Team
Apr 25, 2014

Quiz Created by
Bruce Van

Product Service Quiz - Memberships

Who is eligible to become an ALEC member? Select all that apply

After becoming a member; they decide to relocate out of the country; do they have to close their account?

Members can apply and submit their application for membership completely online without having to submit paperwork?

The following are acceptable forms of Identification: Select all that apply:

ALEC offers accounts for minor/custodial accounts.

It is not necessary to give the member our fee schedule when they open the membership since they can look it up online.

ALEC offers the following accounts: Select all that apply:

There is a $50.00 minimum deposit to establish membership.

¨A credit union offers members a ______ place to save money and can offer competitive rates for loans.

ALEC is able to open _________ membership(s) per social security number.