Banking Quiz Study

This type of financial institution is defined as a "locally owned and privately managed home financing institution."

• Casino

• Savings and Loan

• Credit Union

• Grocery Store

Jack went to make a deposit of his paycheck into his financial institution. He took pride in the fact his choice of financial institution was a non-profit, owned by its members and was relieved to know his account was insured by the NCUA.

From the italicized clues, Jack belongs to what type of Financial Institution?

• Chuck E Cheese

• The Stock Market

• Commercial/retail Bank

• Credit Union

Savings Accounts pay interest:

• True

• False

A disadvantage of using payday loans and check cashing companies is that they charge high ____

Bank accounts are a great places to keep money for the following purposes (select all that apply):

• Everyday Spending and Saving

• Retirement and Long Term Investment Planning

• Emergency Fund (3-6 months of living expenses)

• Parties

CDs earn higher interest than savings accounts

• True

• False

All banks charge the same fees

• True

• False

The _______ you begin saving for retirement, the more money you are likely to have later.

• earlier

• later

• less

• worse

Each bank account is FDIC insured for up to _______

• $100,000

• $150,000

• $200,000

• $250,000

This type of financial institution is defined as being "the largest depository institution; full-service"

• Credit Union

• Payday Loan

• Commercial/Retail Bank

• Chipotle