Credit Unions vs. Banks: How to Decide

Credit Unions vs. Banks: How to Decide

6th Grade

8 Qs

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Credit Unions vs. Banks: How to Decide

Credit Unions vs. Banks: How to Decide

Assessment

Quiz

Computers

6th Grade

Practice Problem

Medium

Created by

Bethany Billingsley

Used 5+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between a credit union and a bank?

Credit unions are for-profit, while banks are not-for-profit.

Credit unions are not-for-profit, while banks are for-profit.

Both credit unions and banks are for-profit.

Both credit unions and banks are not-for-profit.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which organization insures deposits at credit unions?

Federal Deposit Insurance Corp. (FDIC)

National Credit Union Administration (NCUA)

Securities and Exchange Commission (SEC)

Federal Reserve System

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common advantage of credit unions over banks?

Higher interest rates on deposits

Higher interest rates on loans

More branches nationwide

Faster technology adoption

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a typical disadvantage of banks compared to credit unions?

More community emphasis

Lower interest rates on loans

Fewer branches

Higher interest rates on loans

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common requirement for joining a credit union?

Having a minimum balance

Meeting certain work, residential, or occupational requirements

Paying a high membership fee

Owning a business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of financial institution is typically quicker to roll out new technology?

Community banks

Credit unions

Regional banks

National banks

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common feature of national banks?

Emphasis on community

Higher interest rates on deposits

Broad ATM and branch networks

Fewer branches

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you consider when choosing between a bank and a credit union?

Only the interest rates

Only the technology offered

Interest rates, technology, and branch access

Only the number of branches

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