RM - Chapter 10 test
Flashcard
•
Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Hard
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40 questions
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1.
FLASHCARD QUESTION
Front
A federal agency that insures savings, checking, and other deposit accounts
Back
FDIC
2.
FLASHCARD QUESTION
Front
A financial institution owned by share-holders and operated for their profit.
Back
commercial bank
3.
FLASHCARD QUESTION
Front
A nonprofit financial institution owned by its members.
Back
credit union
4.
FLASHCARD QUESTION
Front
A fee paid for the opportunity to use someone else's money over a period of time.
Back
interest
5.
FLASHCARD QUESTION
Front
The Financial Services Modernization Act made it possible for banks to offer insurance investment services to customers, and insurance companies to offer traditional banking services.
Back
True
6.
FLASHCARD QUESTION
Front
People generally use the term ____ to refer to any type of financial institution where they deposit money.
Back
bank
7.
FLASHCARD QUESTION
Front
When the bank lends some of your money to other people, those borrowers pay ____ to the bank.
Back
interest
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