Personal Finance EF Module 2

Which of the following 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 type of financial institution typically has membership requirements?

• Credit Union

• Online Commercial Bank

• Commercial Bank

• Federal Reserve Bank

Which type of account is typically the MOST liquid?

• Checking account

• Exchange Traded Fund

• Certificate of Deposit

• Savings account

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

• Establish monetary policy

• Write monetary laws

• Collect taxes

• Print money

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

• lower; harder

• lower; easier

• higher; harder

• higher; easier

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

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit (CD)

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

• Board of Governors

• United States Mint

• Department of the Treasury

• Secretary of State

Which of the following fees would likely be the highest?

• Overdraft fee

• Account transfer fee

• Monthly service fee

• ATM fee

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

• Credit unions are typically owned and run by their members.

• Credit unions limit membership to certain people or groups

• Credit unions offer a wide variety of banking services

• Both A & B

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

• Social Security Number

• Routing Number

• Account Number

• Check Number