Chapter 6 - Financial Services for Individuals and Households

What is a financial institution?

• A retail store for financial products

• A government agency for tax collection

• A service that provides financial services for customers

• A place to store physical goods

Which of the following is NOT a type of financial institution in Ireland?

• Supermarkets

• Commercial banks

• Credit unions

• Building societies

What is a commercial bank?

• A bank that offers financial services to the general public and businesses

• A bank that only deals with foreign exchange

• A bank that only provides loans

• A bank that only serves government entities

What is the primary use of a current account?

• For foreign currency exchange

• For investment purposes

• For day-to-day banking needs

• For long-term savings

Which of the following is required to open a current or deposit account?

• A credit score report

• A business license

• Proof of address

• A letter of recommendation

What is a lodgement in banking terms?

• A loan application

• A deposit into an account

• A bank statement

• A withdrawal from an account

What does ATM stand for?

• Automated Teller Machine

• Automatic Transaction Machine

• Automated Transfer Mechanism

• Automatic Teller Management

What is a digital wallet?

• A physical wallet with digital features

• An online service for electronic transactions

• A type of bank account

• A mobile phone application for budgeting

What is a standing order?

• An instruction to pay a fixed amount regularly

• A one-time payment instruction

• A type of savings account

• A request for a loan

What is a direct debit?

• A method of depositing cash

• A type of credit card

• A variable payment instruction

• A fixed payment instruction