W!se Banks and Banking Quiz

Which type of financial institution is privately owned and profit-focused?

• Banks

• Credit Unions

• Government Agencies

• Nonprofit Organizations

What is a key characteristic of credit unions compared to banks?

• Higher loan interest rates

• Owned by customers

• More physical locations

• Profit-focused

Which financial institution typically offers lower loan interest rates?

• Banks

• Credit Unions

• Investment Firms

• Insurance Companies

What is the primary focus of banks?

• Community service

• Profit

• Education

• Environmental sustainability

Which type of financial institution is best for basic account needs?

• Banks

• Credit Unions

• Investment Firms

• Online Payment Services

What are some services that both banks and credit unions offer?

• Checking and Savings Accounts

• Only Checking Accounts

• Only Savings Accounts

• None of the above

What must all financial institutions report to the IRS?

• Deposits of $5,000 or more

• Deposits of $10,000 or more

• Deposits of $15,000 or more

• Deposits of $20,000 or more

Which of the following is a similarity between banks and credit unions?

• Only banks offer loans and mortgages

• Only credit unions offer ATM services

• Both charge overdraft protection fees

• Only banks offer Certificates of Deposits (CDs)

Which organization insures banks in the United States?

• NCUA (National Credit Union Association)

• FDIC (Federal Deposit Insurance Corp.)

• SEC (Securities and Exchange Commission)

• FINRA (Financial Industry Regulatory Authority)

What is one advantage credit unions generally have over banks?

• More ATM locations

• Better interest rates on savings accounts

• More checking account options

• Higher fees