Banking Basics

What is a financial institution?

• An institution that allows you to store your money

• An institution that steals money from its clients and members

• An institution that provides services for its clients and members

• An institution that provides financial services for its clients and members

What are checking accounts used for?

• For saving money for unexpected expenses

• For day to day transactions, hold and withdraw money, pay bills etc.

• For day to day transactions, hold and withdraw money and to save money.

• For paying bills only.

What are savings accounts used for?

• To earn interest

• For day to day transactions, withdraw and hold money, pay bills

• To save money for unexpected expenses or big purchases, while earning interest

• To save money for future health expenses

Which of the following best describes a LOAN?

• Money borrowed that can be paid back if one feels like it.

• Money borrowed

• Money borrowed with the expectation of paying it back in a timely manner.

• Money gifted to someone with no expectation of payback.

Which Financial Institution is best described below: A not for profit members only institution known for their low interest loans.

• Bank

• Credit Union

• Savings & Loan

• Check Into Cash

An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.

• Money Market

• Checking

• Savings

• ATM

Which word below is defined as:

The cost required for something; the money spent on something

• Expenses

• Income

• Wants

• Teller

Putting money into an account is known as _______________.

• Sinking

• Placing

• Withdrawing

• Depositing