ECON Chapter 2 Review: Personal Financial Literacy

Banks and Credit Unions are the two safest places to put your money. Correctly categorize the following information based on these institutions:

Groups:

(a) Banks

,

(b) Credit Unions

,

(c) Both

• Offer Better Customer Service

• Offer Checking Accounts

• Offer Savings Accounts

• More Locations

• Offer Better Technology

• Require Membership

• Offer Loans

• For-Profit

• Non-Profit

What government organization insures (protects) bank deposits?

(Put the Acronym)

(a)  

Which of the following is a reason to choose a credit union instead of a large bank?

• No Membership Requirements

• Better Customer Service

• FDIC Protection

• Diverse Offerings and Better Technology

Which of the following do you NOT need to open a bank account?

• Date of Birth

• Government ID

• Proof of Address

• Credit History

Correctly label the check with the following information:

a

b

c

d

e

f

Check Purpose

Amount (#s)

Amount (Words)

Recipient of Check

Date

Signature

There are two basic types of accounts in a Bank or Credit Union. Your go-to account for daily transactions (debit card) is called a​ (a)   . This is different from a​ (b)   that is meant to be left alone to gain interest.

• Checking Account
• Savings Account

There are Five Main Reasons to Save Money.

What does the "F" in House F.I.R.E. Stand for?

(a)  

There are Five Main Reasons to Save Money.

What does the "I" in House F.I.R.E. Stand for?

(a)  

There are Five Main Reasons to Save Money.

What does the "R" in House F.I.R.E. Stand for?

(a)  

There are Five Main Reasons to Save Money.

What does the "E" in House F.I.R.E. Stand for?

(a)