What is the primary function of the Federal Reserve System (Fed)?

• Issue credit cards

• Regulate the U.S. monetary and financial system

• Provide loans to individuals

• Insure bank deposits

Which type of financial institution is owned by its members and offers banking services?

• Commercial Bank

• Credit Union

• Federal Reserve

• FDIC

What does the Federal Deposit Insurance Corporation (FDIC) insure?

• Stock investments

• Bank deposits

• Real estate

• Personal loans

Which organization was replaced by the FDIC in insuring savings and loan institutions?

• Federal Reserve

• Credit Union

• Commercial Bank

• FSLIC

What is a canceled check?

• A check that has been voided

• A check that has bounced

• A check that has been processed and paid by the bank

• A check that has been lost

What is an overdraft?

• A loan from the bank

• A type of savings account

• Spending more money than is available in an account

• A bank fee

What is a check float?

• The time between writing a check and it being cashed

• A type of bank account

• A bank fee

• A loan from the bank

What is a checkbook register used for?

• Tracking deposits and withdrawals

• Applying for loans

• Insuring deposits

• Investing in stocks

What is bank reconciliation?

• Matching your checkbook register with the bank statement

• Applying for a loan

• Opening a new account

• Closing an account

What type of account is typically used for saving money with interest?

• Checking Account

• Saving Account

• Credit Account

• Loan Account