Understanding Money Quiz

Definition: a bank that offers services to the general public and to companies.

• Commercial Bank

• Savings Account

• Debit Card

• Credit Union

Definition: A yearly fee that's charged by the credit card company for the convenience of the credit card.

• Maintenance Fee

• Overdraft Fee

• Late Fee

• Annual Fee

Definition: A card that allows you to spend only the amount you have pre-deposited into an account.

• Smart Card

• Credit Union

• Prepaid Card

• Overdraft Fee

Definition: Coins and paper bills used as money

• Money

• Accuracy

• Demand Deposits

• Currency

Definition: Something pledged as security for repayment of a loan, to be forfeited in the event of a default.

• Capital

• Character

• Collateral

• Cryptocurrency

Definition: An account at a depository institution that is designed to hold money not spent on current consumption

• Certificates Of Deposit

• Late Fee

• Savings Account

• Mutual Fund

Definition: determines the economic worth in the exchange process

• Medium of Exchange

• Store of Value

• Unit of Account

• Standard of Value

Definition: a legal business that makes high-interest loans based on the value of personal possessions pledged as collateral

• Bank

• Credit Union

• Commercial Bank

• Pawn Shop

Definition: A nonprofit financial institution that is owned by its members and organized for their benefit.

• Credit Card

• Credit Union

• Commercial Bank

• Bank

Non-profit retirement fund both employee and employer contribute money, no taxes are taken until the money is withdrawn.

• 402b

• 404b

• 401k

• 403B