Mrs. Serbun Banks and Income Test Review

1. Explain the purpose of banks. Select all that apply.

• Checking account

• Saving account

• Loans

• Labor

What is the purpose of checking accounts?

• To keep your money safe for big purchases and earns interest.

• To provide borrowed money that is for big purchases and is repaid with interest.

• To keep your money safe until you use it for everyday spending

• To provide government money that is not repaid

What is the purpose of saving accounts?

• To keep your money safe for big purchases and earns interest.

• To provide borrowed money that is for big purchases and is repaid with interest.

• To keep your money safe until you use it for everyday spending

• To provide government money that is not repaid

What is the purpose of loans?

• To keep your money safe for big purchases and earns interest.

• To provide borrowed money that is for big purchases and is repaid with interest.

• To keep your money safe until you use it for everyday spending

• To provide government money that is not repaid

What does FDIC stand for?

(a)  

What is income?

• Money that is earned through employment.

• The buyers of labor services.

• Money that is paid to the bank.

• The sellers of labor services.

Who are employers?

• Money that is earned through employment.

• The buyers of labor services.

• Money that is paid to the bank.

• The sellers of labor services.

Who are employees?

• Money that is earned through employment.

• The buyers of labor services.

• Money that is paid to the bank.

• The sellers of labor services.

Explain the type of person an employer is looking to hire.

(a)