Banking Quiz

What is the main source of income for commercial banks?

• Deposits insured by FDIC

• Offering a full range of banking services

• Charging fees for services

• Charging interest on loans

Which organization insures deposits in commercial banks up to $250,000?

• S&L

• FDIC

• ATM

• Credit Unions

What is the main advantage of savings and loans banks (S&L)?

• Open longer hours and weekends

• More personal service

• Lower fees than commercial banks

• Offering a full range of banking services

Which type of bank is owned by its members and often serves a single organization or trade union?

• ATM

• S&L

• Credit Unions

• Commercial Banks

In the Formula i = prt, what does "p" stand for?

• Popular

• Principal

• Starting Point

• Popsicle

What is the main advantage of credit unions?

• Not for profit, so any earnings are paid to member accounts

• Many well located branches

• Lower fees than commercial banks

• Deposits insured by FDIC

Which bank service allows you to access your accounts at bank machines?

• Debit Cards

• ATM Cards

• Overdraft Privileges

• Stored Value Cards

What is the purpose of a safe deposit box in a bank?

• To store important papers and valuable items

• To transfer money and pay bills over the internet

• To access accounts at bank machines

• To pay for a sale using a bank card

Which type of account does not earn interest but allows easy access to money via checks or ATM/debit cards?

• Money Market Accounts

• Checking Accounts

• Savings Accounts

• Certificate of Deposits (CDs)

Solve for interest using i = prt

$4000 at 2% for 5 years.

• 400

• 500

• 600

• 700