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Checking & Savings Basics

Authored by Adia Hardemon

Social Studies

6th - 8th Grade

Used 9+ times

Checking & Savings Basics
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12 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

This is the central banking system of the United States of America.

Federal Reserve

Bank of America

Central Bank of the USA

Wells Fargo

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Percentages charged for borrowing money

Borrow rates

Credit rates

Interest rates

Scam rates

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

This type of bank offers services to the general public and to companies.

(Bank of America, Well Fargo etc.) 

Investment bank

Credit union

Thrift bank

Commercial bank

4.

FILL IN THE BLANK QUESTION

30 sec • 10 pts

A ____ ___ occurs when large groups of depositors withdraw their money from banks at the same time based on fears that the institution will become insolvent.

(answer is two words)

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The agency insures deposits up to $250,000 at member banks.

Checking account insurance

Money-back guarantee

Federal Deposit Insurance Corporation (FDIC)

Internal Revenue Service (IRS)

6.

FILL IN THE BLANK QUESTION

30 sec • 8 pts

Account at a bank against which checks can be drawn OR debit made by the account depositor is a ________ _______.

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The primary role of banks is to take deposits, make loans and transfer funds.

TRUE

FALSE

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