Financial Institutions

Front

The Garret family wants to take advantage of their state's _______________ to pay for their child’s college tuition.

Back

529 plan

Front

Which financial institution is owned by its members?

Back

credit union

Front

Which financial institution offers high-risk loans?

Back

financial service company

Front

Which would be the best retirement savings option for a 40-year old engineer whose employer offers a five percent contribution match? Options: IRA, 401(k), basic savings account, money market account

Back

401(k)

Front

The FDIC ruled that a company had violated the FTC Act. What penalty can the company expect?

Back

a fine

Front

What are high-risk loans?

Back

loans that are given to consumers with bad credit

Front

What is a minimum balance when it comes to account requirement?

Back

minimum dollar amount that can be in an account

Front

Which is the best investment option for a person who wants to make a long-term, tax-free investment? Options: money market account, 401(k), traditional IRA, Roth IRA

Back

Roth IRA

Front

What is the purpose of tax-deferred retirement accounts?

Back

to encourage consumers to invest money before it is taxed