Banking Basis

It is important to be creditworthy and your relationship with you ________ is the most important step.

What is the card called that is tied to your checking account?

A card that is a loan from a bank is called a ________?

Another way to establish good credit is through the relationship you develop with your ___________?

----- are the key players in the monetary system

• People

• Governments

• Businesses

• Banks

FDIC Insurance is...

• Optional coverage consumers can purchase so that their bank deposits remain safe

• Insurance bank branches can buy to protect their business against fraud and scams

• Required if you want to do online or mobile banking

• Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

What is the primary function of a bank in the economy?

• To provide loans and accept deposits

• To manufacture goods

• To enforce laws

• To create educational content

Which of the following is a type of account that earns interest over time?

• Checking account

• Savings account

• Credit account

• Loan account

What is the term for the interest rate charged by banks to their most creditworthy customers?

• Prime rate

• Discount rate

• Federal funds rate

• Mortgage rate

Which institution is responsible for regulating the banking system in the United States?

• Federal Reserve

• World Bank

• International Monetary Fund

• United Nations