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Banking in the United States

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Banking in the United States
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When was the first bank of the United States created?

1791

1816

1913

1930

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What major event led to the creation of our current national banking system, the Federal Reserve, in 1913?

The Great Depression

The Civil War

The expiration of the second bank's charter

A stock market crash

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much money can banks loan out?

Up to 10% of what they take in.

Up to 90% of what they take in.

Up to 5% of what they take in

Up to 50% of what they take in.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for a bank?

community banking institutions

community credit institutions

private financial institution

Interest banking

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the PRIMARY way banks make their profits?

By charging fees for using ATMs

By investing in the stock market

By adding an interest charge in every monthly payment a borrower makes

By government subsidies

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happened to many banks during the Great Depression?

They merged with larger banks.

They were bailed out by the government.

About 9,000 banks failed because people lost their jobs and could not pay back their loans.

They all became part of the Federal Reserve system.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main advantage of using credit unions over banks?

Credit unions are for-profit organizations.

Credit unions are owned by their members.

Credit unions charge higher interest rates.

Credit unions do not allow individual accounts.

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