PBMF Ch 15 - banking

Anyone can open an account here

• credit union
• commercial bank
• both

offers financial services

• credit union
• commercial bank
• both

in business to make money

• credit union
• commercial bank
• both

A debit card can be described as an electronic check that requires a PIN.

• True
• False

One person can open accounts at more than one depository institution.

• True
• False

A person can earn and be charged interest.

• True
• False

A plastic card that is electronically connected to the cardholder's depository institution account

• credit card
• debit card
• interest card
• savings card

Money is

•  a medium of trade
• a method of exchange
• stuff that makes the world go around
• a medium of exchange

Central banks issue currency and conduct monetary policy.

• True
• False

State Farm Insurance is a depository intermediary.

• True
• False