Banking Products and Services

Financial institutions are monitored through which of the following?

• Federal Reserve System

• National Banking Union Administration

• Federal Deposit Insurance Corporation

• National Financial Institution Agency

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

• Loan accounts

• Checking accounts

• Savings accounts

• Credit accounts

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

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

• Controller

• Dependent

• Claimer

• Beneficiary

Loans have ________________ interest rates and repayment periods.

• Personal

• Varying

• Fixed

• Higher

Lower interest rates are ideal because it means a consumer will pay a ________________ cost for borrowing the loan.

• Personal

• Varying

• Higher

• Lower

Individuals have a set period of __________________ to repay the loan according to the loan agreement.

• Time

• Interest

• Debt

• Repaid

Deposits are insured by the Federal Deposit Insurance Corporation up to _____________ per depositor.

• $100,000

• $150,000

• $200,000

• $250,000

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

• Mortgage companies

• Brokerage firms

• Insurance companies

• Savings and loan associations

Which of the following financial institutions commonly disperse loans for home repairs, construction and refinancing?

• Commercial banks

• Brokerage firms

• Savings and loan associations

• Insurance companies