Banking and Financial Concepts Quiz

What type of account is primarily used for paying bills or everyday expenses?

• Interest checking

• Basic savings

• Basic checking

• Certificate of Deposit

Which type of account pays you interest on the money in your account?

• Basic checking

• Interest checking

• Basic savings

• Loans

What is the term for the percentage of the amount borrowed that is added to the amount loaned and paid back?

• Interest checking

• Basic savings

• Interest rate

• FDIC

Which type of account allows you to make deposits and withdrawals at any time?

• Basic savings

• Certificate of Deposit

• Loans

• Credit Union

What is a savings certificate that gains interest and has a set time before you can withdraw your money?

• Basic checking

• Certificate of Deposit

• Commercial Bank

• Bank reconciliation

What type of institution offers a full range of financial services, including checking, savings, and lending?

• Credit Union

• Commercial Bank

• FDIC

• Savers

What is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest?

• Loans

• Borrowers

• Savers

• Bank reconciliation

What is a nonprofit financial institution owned by its members and organized for their benefit?

• Commercial Bank

• Credit Union

• FDIC

• Bank

Who are the people that desire to conserve their monetary funds to the best of their ability?

• Borrowers

• Savers

• Lenders

• Investors

What is the name of the corporation that insures accounts in national banks and other qualified institutions?

• FDIC

• Credit Union

• Commercial Bank

• Basic checking