Financial Literacy - Final Quiz - GJ

What type of financial institution provides services for individuals?

• Retail bank
• Commercial bank
• Credit union
• Insurance company

What type of financial institution provides services for businesses?

• Retail bank
• Commercial bank
• Credit union
• Insurance company

What type of account is meant for day-to-day banking?

• Chequing account
• Savings account
• Loan
• Debit/Credit cards

What type of account is meant to encourage you to save your money?

• Chequing account
• Savings account
• Loan
• Debit/Credit cards

What type of financial institution is owned and controlled by its members?

• Retail bank
• Commercial bank
• Credit union
• Insurance company

What is the purpose of insurance?

• To provide and manage money transactions
• To lend money to individuals
• To transfer the risk of losses to another company
• To offer generally higher rates in savings accounts

What is a fee associated with financial institutions?

• An amount charged for account set-up and maintenance activities, and minor transactions
• A promise to pay money if something bad happens
• An amount of money lent to individuals
• A payment method

What type of insurance do you have to have if you own a car?

• Auto insurance
• Chequing account
• Credit union
• Loan

What is a disadvantage of a credit union compared to a traditional bank?

• Offers generally lower rates on loans and credit cards

• Has fewer options than traditional banks

• Offers generally higher rates in savings accounts

• Has too many physical locations

Which type of financial institution charges lower rates on loans and credit cards?

• Retail bank
• Commercial bank
• Credit union
• Insurance company