Intro to Bus - Chapter 17 Review

Banks are regulated ​ (a)   strictly than most other businesses.

• more
• less

All state and national banks are required to join the Federal Reserve System.

• True

• False

The paying of checks among different banks in different cities is called

• kiting

• clearing

• bouncing

• reserving

Commercial banks are often called   _________________   -service banks because they offer a wide range of financial services.

A user-owned, not-for-profit cooperative financial institution is called a(n)   _________________   union.

The most common way for a bank to be organized is as a mutual savings bank.

• True

• False

Mutual savings banks are organized mainly for

• business loans

• automobile loans

• savings and home loans

• check cashing

The Federal Deposit   _________________   Corporation protects depositors’ money in case of the failure of a bank or financial institution it regulates.

Except for some retirement accounts, the FDIC insures all accounts in the same name at each bank up to an amount of

• $2,500

• $2,500,000

• $250,000

• $25,000

There are ____ districts in the Federal Reserve System.