EPF, Module 6-7 Quiz

During a finance class, Luna asked her teacher which bill is the most counterfeited in the United States. Can you help her find the answer?

• $5

• $10

• $20

• $50

Which of the following pairs is an example of a commodity? (Module 6, Finance Lesson 1: Financial Institutions)

• Gold and Silver

• Gold and the U.S. dollar

• U.S Dollar and the Euro

• U.S. Dollar and copper

An insurance agency is considered a financial institution. (Module 6, Finance Lesson 1: Financial Institutions)

• True

• False

Hannah is considering opening an account at a financial institution. What benefits can she expect from doing so? (Module 6, Finance Lesson 1: Financial Institutions)

• security for your money

• services to help manage your money

• services to help your finance grow

• all of these

A credit union is not a financial institution. (Module 6, Finance Lesson 1: Financial Institutions)

• True

• False

During a class discussion, Arjun asked, "What is the central banking system of the United States?" The answer is the (a)   .

• Securities and Exchange Commission

• Federal Reserve System

• Washington D.C. National Bank

• Farmer’s Bank of Appomattox

This sticker on a bank window tells a consumer that the bank insures their deposits to at least $350,000. (Module 6, Finance Lesson 1: Financial Institutions)

• True

• False

A checking account can best be defined as which of the following? (Module 6, Finance Lesson 1: Financial Institutions)

• An account that typically has withdrawal restrictions but can yield a better interest rate.

• An account in which a customer deposits money for use and easy access.

• An account in which the bank pays the customer’s bills and charges the customer interest.

• An account where money is put into to earn interest and the customer makes withdrawals at retirement.

Charlotte wrote a check to pay her rent, but when her landlord tried to cash it, the bank returned it marked NSF. What does NSF stand for?

• Non-Secure Finance

• Non-Sufficient Financing

• Non-Sufficient Funds

• Non-Secure Funds

Rohan is learning about financial institutions. Which statement below is not true?

• An unbanked consumer may have a difficult time cashing checks without paying a service fee.

• An unbanked consumer may have a difficult time acquiring loans.

• A direct deposit is an example of an electronic monetary transaction.

• A bank is the only financial institution that provides financial education.