Banks, Credit & the Economy

Banks, Credit & the Economy

11th Grade

15 Qs

quiz-placeholder

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Banks, Credit & the Economy

Banks, Credit & the Economy

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Katrina Phillips

Used 7+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does “money” ONLY refer to currency?

YES

NO

Answer explanation

Money includes currency and bank account  balances, which can be turned into currency.


2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can you make unlimited withdrawals from a savings account?

YES

NO

Answer explanation


Federal law limits the number of certain kinds of withdrawals you can make each month.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is it safe to keep your money in the bank?


YES

NO

Answer explanation


The federal government insures bank deposits up to a certain amount of money.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Do banks pay people more for savings accounts than they charge for loans?


YES

NO

Answer explanation

Savings accounts pay a TINY amount of interest. Interest you pay on loans is much higher.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does lending make more money available to spend?

YES

NO

Answer explanation

Lending actually multiplies the amount of money out in the community.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Are banks required to keep some money in reserve?

YES

NO

Answer explanation

Banks must keep a certain percent of deposits in reserve.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the goal of the Fed?

To keep new money in circulation

To Keep the economy at low fluctuations

To print money and distribute it in the nation responsibly

Balance in the economy

Answer explanation

Banks must keep a certain percent of deposits in reserve.

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