Vocabulary Review-Financial Institutions

What is a financial institution?

• A company that offers money transfer services

• A person or company that provides loans

• A company authorized to provide a wide range of financial services

• A group of companies that help the poor

Financial institutions include:

• banks, credit unions and trust companies

• banks and credit unions only

• banks only

• Western Union

A virtual bank has:

• a wide range of branches across the cities

• few or no branch offices

• limited financial products and services

• higher banking fees

What is a Credit Union?

• A member owned financial institution that offers similar solutions as banks

• A bank that offers special credit cards

• A financial institution that offers savings accounts only

• A virtual bank that has no branches

What are savings?

• money used for every day spending

• money used to save people's lives

• money saved through banks or investment plans

• souvenirs that people keep in their homes

When you open an account with a bank, you become a __________

When you join a Credit Union, you become a __________

State 1 function of a trust company

State 1 difference between a bank and a credit union

Who is a Financial Advisor?

• A certified professional who provides financial services to clients.

• A person who provides expertise advise to clients about money matters

• A person who borrows money from their clients

• A professional who tells people where to shop for goods and services