Review Quiz on Money Part 2

What can you use to transfer funds electronically via debit cards, direct deposits and direct payments?

• The banking system

• Electronic funds transfer system

• The money system

• The monetary system

Select TWO benefits of the Federal Reserve System as the central bank in the US?

• Maximizing employment for the economy

• Being the lender of last resort for member banks

• Regulating the money supply

• Insuring the amount of money deposited in the accounts

Commercial bank accept deposits from individuals and corporations AS WELL AS gives out loans.

• TRUE

• FALSE

You cannot pay bills through online banking.

• TRUE

• FALSE

A certificate of deposit is...

• another term for a savings account.

• another term for a checking account.

• a time sensitive savings account that earns interest and is agreed to not be withdrawn until a specific date.

• a time deposit that a bank can require prior notice for you to withdraw from.

A credit union is a nonprofit financial organization that does NOT accept deposits and offers the full variety of banking services to their members.

• TRUE

• FALSE

Which of the following cards functions in the same way as a check?

• Debit card

• Credit card

Savings and Loan Associations primary focus is providing home mortgage loans to its members.

• True

• False