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Unit 10: Banking Essentials Lesson 31: Banking Basics Module 106: Financial Institution Services
Test Description: Virtual VA
Instructions: Answer all questions to get your test result.
1) If you need a loan, it is much more expensive to use a
A
Commercial banks
B
Interest
C
Credit Unions
D
payday loan stores
2) Today, there are a range of businesses hat help people and organizations to save, invest, and manage money. These businesses are
A
Debit Cards
B
payday loan stores charge very high interest
C
financial institutions banks
D
mortgages
3) Consumers who use financial institutions usually look for these kinds of services:
A
has value that is established by government decree.
B
Saving,Spending,Borrowing,INvesting
C
Credit unions
D
The White House
4) Which of the following offer checking accounts, savings accounts, check cashing, consumer loans, certificates of deposit, and deposit insurance to customers?
A
Credit unions
B
All of the above
C
Savings and loan companies
D
Banks
5) Which of the following typically insures banks and savings and loan companies in the United States?
A
The National Credit Union Administration (NCUA)
B
The Federal Deposit Insurance Corporation (FDIC)250,000
C
The White House
D
The International Monetary Fund (IMF)
6) Which of the following typically insures credit unions in the United States?
A
The Federal Deposit Insurance Corporation (FDIC) 250,000
B
The National Credit Union Administration (NCUA)
C
Check-cashing stores and payday loan stores require you to have an account set up before you cash a check or take out a loan
D
The White House
7) Consumers who do not have bank accounts sometimes choose to use ____________ when they need to cash a check
A
is no longer used in the United States.
B
check-cashing services
C
has value that is established by government decree.
D
fiat money.
8) Which of the following is NOT a benefit of putting your money in a savings account?
A
Your money is available to you anytime you want.
B
Your money can make money by investing in stocks.
C
Your money is safe.
D
Your money can make money by earning interest.
9) !!!!! What is a problem with putting your money in a money market account?
A
It requires a smaller minimum balance than a standard savings account.
B
All of the above
C
A high minimum Balance to open and There are a limited amount of transactions that are allowed each month,
D
It doesn't earn as much interest as a standard savings account.
10) If you plan to use your money to pay expenses frequently, you will want to put it in a
A
savings account.
B
money market account.
C
checking account.
D
401(k)
*select an answer for all questions
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