Strand 4, Standard 1: Financial Institutions

Front

What does FDIC stand for?

Back

Federal Deposit Insurance Corporation

Front

What is the main purpose of the FDIC?

Back

To insure deposits in banks

Front

Up to how much does the FDIC insure deposits per person in most banks?

Back

$250,000

Front

What type of financial institution is a nonprofit and owned by its members?

Back

Credit Union

Front

Which account is best used for daily expenses like paying bills and buying groceries?

Back

Checking Account

Front

What does P2P transfer mean in banking?

Back

Peer-to-Peer

Front

What is the purpose of a savings account?

Back

To build emergency funds or save for future goals

Front

Which of the following is a fee charged for spending more than you have in your account? Monthly Maintenance Fee, Overdraft Fee, Deposit Fee, Interest Fee

Back

Overdraft Fee

Front

Which technology allows you to deposit checks using a smartphone?

Back

Mobile Check Deposit

Front

Which insurance program protects deposits in credit unions?

Back

NCUA