Unit 6 Personal Finance

Name one characteristics of money

Today, money changes hands through what?

• checks

• credit cards

• debit cards

• electronic payment systems

• all the above

What does CD stand for when talking about investments?

• Calculated Dividend
• Certificate of Deposit
• Central Dollar
• Current Deposit

This is just a savings account with a slightly higher interest rate because the saver commits to a longer saving period for a set amount deposited.

• C.D.
• debt
• money market

Taking more money out of your account than is available​ is called?

• Overdraw
• Deposit
• Withdraw
• Balance

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

What is the amount of money required to be stay in an account?

• Maximum Balance
• Minimum Balance
• Minimum Deposit
• Maximum Deposit

Approximately how often does a financial institution send a bank statement to an account holder?

• yearly

• weekly

• quarterly

• monthly

Peer to Peer payment mostly involve funds being transferred from employers to employees (direct deposits).

• True

• False

Typically, a person must be a member of a credit union to use its financial services.

• True

• False