Managing Your Money Test Review

A bank account in which money is deposited for safe keeping.

• Money Market Account

• Hedge Fund

• Savings Account

• Stock

Paid by banks to their depositors, and paid by borrowers to the institutions that provide their loans

• Loans

• Dividends

• Interest

A bank account that allows the account holder to withdraw money, pay a bill, or make a purchase online, using a debit card, or by writing checks.

• Checking Account

• CD

• Money Market Account

A preprinted form ordering a bank to withdraw money from an account and pay it to someone else.

• Release Form

• Debit Card

• Check

Plastic card used to withdraw cash from a checking or savings account, or make payments electronically.

• Check

• Debit/ATM Card

• Deposit Slip

This is the most common type of financial institution, is usually privately owned, offers a wide range of services, run to make a profit, and is relied heavily upon for successful economic activity.

• Union Banks

• Commercial Banks

• ATM Machines

• State Banks

Commercial banks are closely regulated by a NUMBER of government agencies...which of the following? (Can be more than one)

• Federal Reserve System

• Federal Deposit Insurance Corporation (FDIC)

• State and Federal Banking Agencies

These banks are non-profit financial institutions that are owned by their members, organized for the members' benefit, and the members usually share something in common.

• Federal Banks

• Commercial Banks

• State Banks

• Credit Unions

These financial institutions make small, short-term, high interest loans to tide a person over until needed.

• Commercial Banks

• State Banks

• Credit Unions

• Pay Day Lenders

Which of these is not true about pay day lenders?

• Targets low-income working people

• Targets people living paycheck to paycheck

• Has high interest

• Offers loans that are easily paid back in most cases.