Module 6 - Banking Review (1)

Front

A business or financial institution that stores and manages money for individuals and other businesses.

Back

Bank

Front

A card linked to a bank account that you use like cash; there must be enough money in the account to cover your purchases.

Back

Debit Card

Front

Non-Profit banks that are owned by the customers.

Back

Credit Union

Front

Funds transferred from one account to different account using online banking software or a debit card.

Back

Electronic Funds Transfer (EFT)

Front

The government agency that insures customer deposits if a bank fails.

Back

Federal Deposit Insurance Corporation (FDIC)

Front

How many Regional Reserve Banks are there?

Back

12

Front

Who regulates and supervises your local banks?

Back

"The Fed" - Federal Reserve

Front

Which entity is responsible for setting Monetary Policy? Options: Board of Governors, Federal Reserve, Federal Open Markets Committee, Regional Reserve Banks

Back

Federal Open Markets Committee

Front

An account which allows the holder to write checks against deposited funds.

Back

Checking Account

Front

Lack of money in an account to make a payment.

Back

Non-sufficient funds