EPF: Banking Review

What is the US Treasury Department responsible for?

• Insures Banks and Credit Unions

• Oversees the US Mint and the IRS

• Regulate retail banks and other financial institutions

• Responsible for collecting taxes

What department is responsible for printing money? 

• US Mint

• IRS

• FDIC

• NCUA

Which of these is a financial institution owned by the account holders?

• Check Cashing Outlet

• Commerical Banks

• Payday Lending Shops

• Credit Unions

Bob gives his friend money to buy a slice of pizza since he forgot his wallet at home, but expects to be repaid. This represents the financial service of:

• Borrowing

• Lending

• Saving

• Investing

When you take money out of an account, it is called a:

• Payment

• Withdrawal

• Deposit

• Debit Card

The process of matching your personal records with the banks records of transactions is called ____________.

• Reconciling

• Falsifyiing

• Reviewing

• Identifying

What is the rule of 72?

• 72 X interest rate = time it takes your money to double

• 72 + interest rate = time it takes your money to double

• 72 / interest rate = time it takes your money to double

• 72 - interest rate = time it takes your money to double

What does it mean to pay yourself first?

• Spend money on yourself before paying your bills

• Put money aside for savings and investing from each paycheck before spending

What is the central bank of the United States?

• FDIC

• The Federal Reserve

• IRS

• US Treasury Department

All financial institutions have a responsibility to report deposits of $ ________ or more to the IRS under the US Treasury Department.

• $10,000

• $500,000

• $12,000

• $50,000