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Modules 105-107 Review Part 2
Test Description: Modules 105-107 Review Part 2
Instructions: Answer all questions to get your test result.
1) Which institution is owned by its account holders?
A
Bank
B
Commercial bank
C
Credit union
D
Payday loan store
2) Which institutions are insured by the FDIC?
A
Insurance companies and banks
B
Credit unions and insurance companies
C
Savings and loan companies and banks
D
Banks and credit unions
3) For how much are accounts insured by the NCUA?
A
5,000
B
$100
C
$100,000
D
$250,000
4) Which financial institutions issue commercial credit cards?
A
Securities markets
B
Commercial banks
C
Payday loan stores
D
Insuring agencies
5) What is the primary role of savings and loans companies?
A
Paying for expensive new equipment
B
Helping people secure home loans
C
Pairing investors with business owners
D
Providing check-cashing services to consumers
6) In what scenario do insurance companies make a profit?
A
When the interest paid on accounts is greater than the fees paid by consumers
B
When the stock market value is greater than the fees paid by consumers
C
When the insurance payouts are greater than the stock market value
D
When the fees paid by consumers are greater than insurance payouts
7) Securities firms focus most of their attention on
A
investing
B
spending
C
saving
D
borrowing
8) What is one disadvantage of getting money from a payday loan store?
A
A payday loan negatively affects your credit rating
B
You receive your money more slowly
C
You are limited in terms of the amount of money you can borrow
D
Payday loan stores charge much higher fees than banks
9) One _______ of not having a bank account is having to cash checks at a check-cashing store.
A
cost
B
benefit
C
advantage
D
report
10) When an employer transfers your pay to your bank account, it is called a(n)
A
fast cash
B
payday loan
C
direct deposit
D
automatic withdrawal
11) A(n) _______ earns interest over time.
A
payday loan
B
automatic withdrawal
C
savings account
D
direct deposit
12) When you take money out of your account, it is called a
A
withdrawal
B
deposit
C
payment
D
debit card
*select an answer for all questions
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