OCS Financial Management - Unit 2

Banks operate on state, national, and international levels. (True or False)

• True

• False

• Maybe

Put the following steps in the correct order for using an ATM

• Safety First

  - check my surroundings first

• Insert Card into ATM

• Enter PIN on keypad

• Select a Transaction - withdraw, deposit, check balance

• Enter the amount I want to withdraw or deposit

To open a federal or a state bank in the United States, the owners have to meet special requirements including applying for a "charter" from the federal or state government.

• False

• True

There are ____ main types of banks.

• 2

• 3

• 4

• 5

The main types of banks include...

• Commodity banks, Silver and Gold Associations, and Credit Onions

• Cooperative banks, Salt and Pepper Associations, and Cranberry Onions

• Commercial banks, Saving and Loan Associations and Credit Unions

• Credit Unions, Community banks, and Mortgage Companies

Which type of bank offers the entire range of banking services, such as checking and savings accounts, loans, and financial advice?

• Commercial Banks

• Savings and Loan Associations

• Credit Unions

• All of the above

To make a profit, commercial banks _____________ on the money that they lend than the interest they pay on savings accounts.

• charge more interest

• pay more interest

• charge less interest

• pay less interest

What type of banks FAILED in the 1980s?

Which type of bank is "not-for-profit"?

• Commercial bank

• Savings and Loan Associations

• Credit Union

• All of the above

Commercial bank customers are also called "members".

• True

• False