RM - Chapter 10 test

Front

A federal agency that insures savings, checking, and other deposit accounts

Back

FDIC

Front

A financial institution owned by share-holders and operated for their profit.

Back

commercial bank

Front

A nonprofit financial institution owned by its members.

Back

credit union

Front

A fee paid for the opportunity to use someone else's money over a period of time.

Back

interest

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

Front

People generally use the term ____ to refer to any type of financial institution where they deposit money.

Back

bank

Front

When the bank lends some of your money to other people, those borrowers pay ____ to the bank.

Back

interest

Front

If you have a(n) ____ account, the bank pays you interest for letting it use your money.

Back

savings

Front

Legitimate financial institutions have a(n) ____, or a governmental document that grants them the right to operate.

Back

charter

Front

A(n) ____ is composed of members with a common bond, such as working for the same employer or belonging to a labor union.

Back

credit union