Unit 4: Banking Services Review

What is one difference between Banks and Credit Unions?

• Banks have Checking accounts and Credit Unions have Savings Accounts

• Banks are for profit. Credit Unions are Non-profit.

• Banks can give loans and Credit Unions cannot

• Credit Unions allow everyone to join and Banks are selective

How do financial institutions make most of their money?

• Fees

• Interest

• Mutual Funds

• Loan Payments (Principle)

All money in financial institutions insured by FDIC is insured for up to which amount?

• $100,000

• $10,000

• $250,000

• $25,000

This type of bank is not for profit and therefore offers higher interest rates.

• commercial banks

• credit unions

• savings banks

• savings and loan associates

You should always use permanent ink when writing a check.

• True

• False

What is a withdrawal?

• Expenses that do not change from month to month.

• Money set aside for the future.

• Taking money out of a checking or savings account.

• Money received, usually from a job, business, or assets

What is a check?

• It is how you see how much money you have in your account.

• An online only option to pay bills

• An order to pay another person or business from an amount at the bank.

• It looks like a v but is longer on one end

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

• You should endorse the back when writing a check

• The amount of money is written both numerically and in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

It's okay to only write the money amount in numbers. You don't have to write it in words too.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Which part of the check is the least important?

• memo line

• signature line

• routing numbers

• check number