EverFi Banking Module 2

1. Which of the following is NOT one of the responsibilities of the Federal Reserve?

• a. Supervising the Reserve banks
• b. Maintaining a stable banking system
• c. Setting the nation�s monetary policy
• d. Establishing the federal budget

2. Which type of financial institution typically has membership requirements?

• a. Credit Union
• b. Online Commercial Bank
• c. Commercial Bank
• d. Federal Reserve Bank

3. Which type of account is typically the MOST liquid?

• a. Checking account
• b. Savings account
• c. Certificate of Deposit
• d. Exchange Traded Fund

4. Which of the following is a primary responsibility of the Federal Reserve Bank?

• a. Establish monetary policy
• b. Write monetary laws
• c. Collect taxes
• d. Print money

5. Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.

• a. lower; harder
• b. lower; easier
• c. higher; harder
• d. higher; easier

6. Which type of account will typically have the highest interest rate?

• a. Checking Account
• b. Savings Account
• c. Money Market Account
• d. Certificate of Deposit (CD)

7. The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:

• a. Board of Governors
• b. United States Mint
• c. Department of the Treasury
• d. Secretary of State

8. Which of the following fees would likely be the highest?

• a. Overdraft fee
• b. Account transfer fee
• c. Monthly service fee
• d. ATM fee

9. Which of the following is a unique feature of credit unions?

• a. Credit unions are typically owned and run by their members.
• b. Credit unions limit membership to certain people or groups.
• c. Credit unions offer a wide variety of banking services.
• d. Both A & B

10. The numbers on the bottom of a typical check represent all of the following EXCEPT?

• a. Social Security Number
• b. Routing Number
• c. Account Number
• d. Check Number