Types of Financial Institutions

Lesson 1 : Types of Financial Institutions

Module 4

Objectives

• Identify different financial institutions.

• Discuss the purpose of financial institutions.

Essential Question

• Differentiate between needs and wants

Multiple Choice

What does this symbol stand for ?

• Federal Deposit Insurance Corporation

• Federal Deposit Insurance Collector

• Federal Deposit Insurance Cash

FDIC

is an independent federal agency created in 1933 to promote public confidence and stability in the nation's banking system

Module 4

Lesson 1 Vocabulary

National Credit Union Administration

Insures accounts in federally chartered credit unions.

Credit union

Non-profit financial institution owned by members of the credit union.

Commercial banks

Financial institution owned by stock holders who want to earn a profit on their investment.

Federal Deposit Insurance Corporation

Insures accounts in most commercial banks

Non-profit organization

An organization whose primary objective is to support an issue or matter for non-commercial purposes whose financial goal is to break even.

Module 4: Lesson 1

Video Lesson

Module 4

Lesson 1 Quiz

Multiple Choice

A for-profit organization is an organization whose primary objective is to support an issue or matter for non-commercial purposes.

• True

• False

Multiple Select

Which of the following are examples of commercial banks? (Check all that apply)

• PNC

• Wells Fargo

• Chase

• CTI

• Navy Federal Credit Union

Multiple Choice

Credit Unions are owned by stock holders who want to earn a profit on their investment.

• True

• False

Multiple Choice

Credit Unions are owned by stock holders who want to earn a profit on their investment.

• True

• False

Multiple Choice

FDIC and NCUA protect account holders up to ___ per depositor ownership category.

• $10,000

• $500,000

• $250,000

• $100,000

Lesson 2 Checking Accounts - Deposits & Withdrawals

Module 4

Objectives

• Identify different types of checking accounts

• List components of checking accounts

Essential Question

Discuss the purpose of financial institutions.

Lesson 2

Vocabulary

Signature

A form that verifies the ownership of an account

Check register

A separate form or book that has space to keep track of the amount of each check, the check number, the balance, deposits to the account, date of transaction, and a description of the transaction

Joint Account

Has two or more owners that are authorized signers

Deposit slip

A form to be completed when you deposit money into an account

Cancelled check

A check that has been processed and deducted from the customers account

Individual account

Has one owner that is an authorized signer

Service charge

A fee charged by the financial institution for services provided to the customer

Lesson 2: Checking Accounts - Deposits & Withdrawals

Quiz 2

Multiple Choice

Restrictive endorsements are more secure than blank endorsements.

• True

• False

Multiple Choice

Another name for a cancelled check is a voided check.

• True

• False

Multiple Choice

When issuing a check from a joint account with two owners both account owners will always need to sign the check.

• True

• False

Multiple Choice

Which type of endorsement transfers ownership to someone else?

• Special

• Blank

• Restrictive

• None of these

Module 4 Lesson 1&2

The End !