Unit 10: Banking Essentials Lesson 31: Banking Basics Module 106: Financial Institution Services Question Preview (ID: 29928)


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!!!!! What is a problem with putting your money in a money market account?
a) It doesn't earn as much interest as a standard savings account.
b) It requires a smaller minimum balance than a standard savings account.
c) A high minimum Balance to open and There are a limited amount of transactions that are allowed each month,
d) All of the above

Which of the following is NOT a benefit of putting your money in a savings account?
a) Your money is safe.
b) Your money can make money by investing in stocks.
c) Your money can make money by earning interest.
d) Your money is available to you anytime you want.

Consumers who do not have bank accounts sometimes choose to use ____________ when they need to cash a check
a) fiat money.
b) has value that is established by government decree.
c) is no longer used in the United States.
d) check-cashing services

Which of the following typically insures credit unions in the United States?
a) The Federal Deposit Insurance Corporation (FDIC) 250,000
b) The White House
c) The National Credit Union Administration (NCUA)
d) 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

Which of the following typically insures banks and savings and loan companies in the United States?
a) The White House
b) The International Monetary Fund (IMF)
c) The Federal Deposit Insurance Corporation (FDIC)250,000
d) The National Credit Union Administration (NCUA)

Which of the following offer checking accounts, savings accounts, check cashing, consumer loans, certificates of deposit, and deposit insurance to customers?
a) Banks
b) Savings and loan companies
c) Credit unions
d) All of the above

Today, there are a range of businesses hat help people and organizations to save, invest, and manage money. These businesses are
a) payday loan stores charge very high interest
b) financial institutions banks
c) mortgages
d) Debit Cards

Consumers who use financial institutions usually look for these kinds of services:
a) Saving,Spending,Borrowing,INvesting
b) Credit unions
c) The White House
d) has value that is established by government decree.

If you need a loan, it is much more expensive to use a
a) payday loan stores
b) Interest
c) Commercial banks
d) Credit Unions

If you plan to use your money to pay expenses frequently, you will want to put it in a
a) 401(k)
b) savings account.
c) checking account.
d) money market account.

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