Assessment 2: Banking Products & Services - August 17, 2023

Financial institutions are monitored through which of the following?

• Federal Reserve System

• National Banking Union Administration

• Federal Deposit Insurance Corporation

• National Financial Institution Agency

Tags

Introduction to Banking - Standard 1

Credit unions are _____________ owned and are for a______________ financial institutions.

• shareholder, for a profit

• member, for a profit

• shareholder, non-profit

• member, non-profit

Answer explanation

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Introduction to Banking - Standard 1

Which of the following financial institutions provides loans for prospective home buyers?

• Mortgage companies

• Brokerage firm

• Insurance companies

• Savings and loan associations

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Introduction to Banking - Standard 1

Which of the following are meant to store money which is NOT intended for daily expenses?

• Loan accounts

• Checking accounts

• Savings accounts

• Credit accounts

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Introduction to Banking - Standard 1

Financial advisors typically recommend an individual has enough savings to cover at least _____________ months worth of bills.

• One to two

• Three to six

• Six to eight

• 12 to 18

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Introduction to Banking - Standard 1

An individual who hold legal control of assets in a trust account is known as which of the following?​ ​ (a)  

• Controller
• Dependent
• Claimer
• Beneficiary

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Introduction to Banking - Standard 1

Loans have ____________ interest rates and repayment periods. Lower interest rates are ideal because it means a consumer will pay ____________cost for borrowing the loan. Individuals have a set period of____________ to repay the loan according to the loan agreement.

• higher, lower, time

• fixed, higher, debt

• varying, interest, time

• fixed, lower, time

Tags

Introduction to Banking - Standard 1

Deposits are insured by the Federal Deposit Insurance Corporation up to _____________ per depositor.​ ​ (a)  

• $100,000
• $150,000
• $150,000
• $250,000
• $25,000
• $300,000

Answer explanation

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Introduction to Banking - Standard 1

Which of the following financial institutions provides loans for prospective home buyers?

• Mortgage companies

• Brokerage firms

• Insurance companies

• Savings and loan associations

Tags

Introduction to Banking - Standard 1

Goldman Sachs is which type of financial institution?

• Commercial bank

• Investment bank

• Brokerage bank

• Insurance company

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Introduction to Banking - Standard 1