Banking Review Quiz

Which of these is NOT one of the responsibilities of the Federal Reserve?

• Supervising the Reserve banks

• Maintaining a stable banking system

• Setting the nation’s monetary policy

• Establishing the federal budget

Which kind of financial institution sometimes has membership requirements?

(Example: You must work for the city of Arlington to open an account.)

• Credit Union

• Online Commercial Bank

• Retail Bank

• Federal Reserve Bank

Which type of account is typically the MOST liquid, or has the HIGHEST liquidity?

• Checking account

• Savings account

• Certificate of Deposit

• Exchange Traded Fund

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

• Establish monetary policy

• Study the history of the economy

• Collect taxes

• Make the US budget

Savings accounts usually offer _________ interest rates than checking accounts.

• lower

• higher

• the same

Wells Fargo, BB&T, and Bank of America are examples of _________________.

• Credit Unions

• Payday Lenders

• Retail Banks

• Online Banks

It is _________ to access your money in a savings account than in a checking account.

• More difficult

• Easier

Which service can you set up to automatically paying your bills electronically every month?

• Direct Deposit

• Overdraft Protection

• Auto-Save

• Auto-Pay

Which type of account usually has the highest interest rate?

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit (CD)

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

• Board of Governors

• United States Mint

• Department of the Treasury

• Secretary of State