Personal Finance Interim Review #1

A sous sous (called partner is some countries) is a way of savings, where everyone contribute and each week someone gets everyone's contribution

• True

• False

A basic checking account does not earn interest for the owner of the account

• True

• False

Which of these is most liquid

• Certificate of deposit

• Trust Account

• Brokerage account

• Checking and savings account

Banks provide an unsafe saving environment, this is why some people rather keep their money under their mattress

• True

• False

This type of institution accepts deposits to accounts and makes loan to its customers when needed, it is a:

• Trust account

• Bank

• Brokerage firm

• Investment firm

This federal agency insures a person's deposit in a bank

• FIDC

• FDIC

• NCUA

• NUCA

Each person can get back up to $_________________ of their money in a bank, if the bank goes bankrupt

• $1,000,000

• $205,0000

• $250,000

• $2,500, 000

FDIC insures a person deposit held in a credit union

• True

• False

_______________ act as a liaison between their clients and the stock exchange

• Investment firms

• Brokerage firms

• Trust Company

• Insurance Companies