3. The Worst Hard Times

What is a bank account primarily used for?

• To invest in stocks

• To deposit and withdraw money

• To purchase insurance

• To apply for a credit card

Which type of bank account allows you to earn interest on the balance?

• Checking account

• Savings account

• Credit account

• Loan account

What is an overdraft?

• A type of savings account

• A loan for buying a car

• When a bank allows a transaction without sufficient funds

• A fee for using an ATM

What does overdraft protection do?

• It prevents any overdraft from occurring

• It automatically transfers money from another account to cover an overdraft

• It increases the interest rate on your savings account

• It provides insurance for your bank account

What is a mortgage used for?

• To buy a car

• To purchase a home

• To pay for education

• To start a business

What are loan terms?

• The amount of money you can borrow

• The conditions of a loan, such as the interest rate and repayment schedule

• The duration of a bank account

• The fees associated with a credit card

What is foreclosure?

• A type of savings account

• A legal process to force the sale of a property to cover a debt

• A method of calculating interest

• A type of insurance policy

What happens at an auction?

• Goods or property are sold to the highest bidder

• A bank account is opened

• A loan is approved

• A mortgage is finalized

What is a "run on the bank"?

• When a bank opens new branches

• When many customers withdraw their money at the same time

• When a bank offers high interest rates

• When a bank merges with another bank