What is a financial institution that is licensed to receive deposits and provide financial services?

• Credit Union

• Bank

• Retail Store

• Online Marketplace

What is a lined and divided journal used to record checking account activity?

• Ledger

• Credit Report

• Checking Account Register

• Financial Statement

What type of nonprofit financial institution is owned and operated by its members?

• Retail Bank

• Credit Union

• Online Bank

• Federal Reserve

What option allows for automatic electronic deposit of payroll checks?

• Overdraft Protection

• Direct Deposit

• Reconciling

• Liquidity

What independent federal agency insures deposits in banks up to $250,000?

• National Credit Union Administration (NCUA)

• Federal Reserve

• Internal Revenue Service (IRS)

• Federal Deposit Insurance Corporation (FDIC)

What term refers to how quickly money in an account can be accessed without a penalty or fee?

• Overdraft

• Liquidity

• Unbanked

• Reconciling

What independent federal agency insures deposits in credit unions up to $250,000?

• Federal Deposit Insurance Corporation (FDIC)

• National Credit Union Administration (NCUA)

• U.S. Treasury

• Securities and Exchange Commission (SEC)

What type of financial institution operates entirely online without a physical location?

• Retail Bank

• Credit Union

• Online Bank

• Investment Firm

What is the penalty charged when an account holder spends more money than their account balance?

• Service Fee

• Overdraft Fee

• Loan Interest

• Minimum Balance Fee

What option allows banks to cover overspending in an account while charging a fee?

• Direct Deposit

• Overdraft Protection

• Account Reconciliation

• Interest Adjustment