Banking Quiz

What is a bank?

• a retail shop that primarily sells food

• a financial institution, which is a fancy way of

  saying a business that stores and manages money for

  individuals and other businesses.

• a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rate

• a financial institution that facilitates the buying and selling of house and buildings

what is interest?

• Afee paid to give away someone else's money

• Afee paid to invest someone else's money

• A fee paid to use someone else's money

• Afee paid to save someone else's money

Maria paid her bill with a plastic card with a Visa logo that is tied

directly to her checking account. What is she using?

• atm card

• credit card

• debit card

• check

Ryan purchases a sandwich, he is using money as:

• a medium of exchange

• a unit of measure

• a store of value

This financial institution can only be accessed using a computer

or smart device. What type of institution is this?

• credit union

• commercial bank

• online bank

What type of card allows you to withdraw money you have in your bank account?

• Credit Card

• Debit Card

• Bank Card

• ID Card

With a minimum balance checking account, you

• can only write one check a month.

• you have to keep a certain balance or there are fees.

• is great for high school students.

Give 2 reasons why a bank or credit union is better than a piggy bank?

What amount is covered for each depositor per account in an FDIC insured bank?

• $150,000

• $200,000

• $250,000

• $350,000

What would be the 3 most important factors that you would consider when deciding which depository institution fits your needs? Explain.