Financial Institutions and Checking Accounts

The primary difference between commercial banks and credit unions is that commercial banks operate to make a profit. 

• True
• False

If you have $1,000, you should deposit it in a checking account that pays interest.

• True
• False

Choose two answers.

Jeff wants to open a basic savings account. He should go to which two types of financial institutions to open the account.

• a financial services company

• a commercial bank

• an insurance company

• a trust company

• a credit union

Which financial institution is owned by its members?

• financial service company

• savings and loan association

• commercial bank

• credit union

An account that usually earns interest and is often used to hold money that is not needed right away.

• Checking Account

• Loan

• Savings Account

• Check

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

This account allows you to withdraw money, pay a bill, or make purchases easily.

• Checking Account
• Savings Account
• Market Money Account
• CD Account

Tags

CCSS.L.1.1J

CCSS.L.2.1F

CCSS.L.8.1C

CCSS.L.K.1D

A __________________ charges a very high interest rate and is usually paid off in a week or two.

• Commercial Banks

• Payday Loan

• Savings and Loan

• Credit Union

What is number 1?

• Payor

• Payee

• Date

• Amount

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

CCSS.RI.8.7

What is labeled 2?

• Date

• Payor

• Payee

• Signature

What is labeled number 3?

• Check number

• Payee

• Date

• Account number