Banks, Credit & the Economy

Quiz
•
Social Studies
•
11th Grade
•
Medium
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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