Unit 1: Bank & Finance

This financial institution was formed by military personnel to meet their financial needs. What type of institution is this?

• Credit union

• Online bank

• Commercial bank

• Savings and loan association

What type of account is used regularly and handles day-to-day transactions?

• Line of credit

• Checking

• Savings

• Money market

Which type of account is also a type of loan, which the customer has access to for a set amount of time?

• Line of credit

• Savings

• Checking

• Money market

Frank has ten dollars. If he does not spend any of the money, it will keep its worth of ten dollars. How is he using money?

Maria paid her bill with a plastic card with a Visa logo that is tied directly to her checking account. What is she using?

• ATM card

• Debit card

• Credit card

• Check

What is the purpose of a bank?

• A financial trader

• A financial intermediary

• A financial advisor

• A financial investigator

What type of account holds money that a customer does not plan to spend immediately?

• Savings

• Checking

• Money market

• Line of credit

Which of the following is a digital currency that does not have a physical form?

• Coinage

• Cryptocurrency

• Currency

• None of the above

If Ryan purchases a sandwich, he is using money as:

• A unit of measure

• A store of value

• A medium of exchange

• None of the above

A financial intermediary is an entity that acts as a(n) ________ between two parties in a financial transaction.

• Investor

• Middleman

• Investigator

• Merchant