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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
payday loan stores
B
Interest
C
Credit Unions
D
Commercial banks
2) 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
Debit Cards
C
mortgages
D
financial institutions banks
3) Consumers who use financial institutions usually look for these kinds of services:
A
Credit unions
B
The White House
C
Saving,Spending,Borrowing,INvesting
D
has value that is established by government decree.
4) Which of the following offer checking accounts, savings accounts, check cashing, consumer loans, certificates of deposit, and deposit insurance to customers?
A
Banks
B
All of the above
C
Credit unions
D
Savings and loan companies
5) 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)
6) Which of the following typically insures credit unions in the United States?
A
The White House
B
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
C
The Federal Deposit Insurance Corporation (FDIC) 250,000
D
The National Credit Union Administration (NCUA)
7) Consumers who do not have bank accounts sometimes choose to use ____________ when they need to cash a check
A
check-cashing services
B
fiat money.
C
has value that is established by government decree.
D
is no longer used in the United States.
8) 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.
9) !!!!! What is a problem with putting your money in a money market account?
A
All of the above
B
It doesn't earn as much interest as a standard savings account.
C
It requires a smaller minimum balance than a standard savings account.
D
A high minimum Balance to open and There are a limited amount of transactions that are allowed each month,
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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