Financial Institutions Quiz

What is a financial institution?

• A company that sells insurance

• A government agency that regulates taxes

• An organization that provides financial services to customers

• A non-profit organization that provides education

Which of the following is NOT a main financial institution in Ireland?

• Credit unions

• Commercial banks

• Insurance companies

• An Post

What is a current account?

• An account for saving money long-term

• An account that requires a minimum balance

• A non-interest account that allows withdrawals at any time

• An account that earns high interest

What does a debit card allow you to do?

• Withdraw cash from an ATM

• Invest in stocks

• Earn interest on savings

• Apply for a loan

What is a cheque?

• An online banking service

• A digital payment method

• A written instruction to a bank to pay a specified amount

• A type of credit card

What is a standing order?

• A one-time payment instruction

• A request for a loan

• A type of savings account

• An instruction to pay a fixed amount at regular intervals

What is a direct debit?

• A fixed payment made regularly

• An agreement allowing variable amounts to be taken from an account

• A method to deposit cash

• A type of investment

What is a bank draft?

• A payment guaranteed by the bank on behalf of the account holder

• A loan offered by the bank

• A type of savings account

• A method to transfer money internationally

What is an overdraft?

• Permission to withdraw more money than is in the account up to a limit

• A type of savings account

• A loan for purchasing a house

• A method to earn interest on deposits

What does a credit card allow you to do?

• Borrow funds to pay for goods and services up to a limit

• Deposit cash into a savings account

• Transfer money internationally

• Withdraw cash from an ATM