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Banking and Financial Institutions

Authored by george.shreve george.shreve

Financial Education

9th - 12th Grade

Banking and Financial Institutions
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of financial institution is a not-for-profit cooperative owned by its members, often offering lower fees and better interest rates than commercial banks?

Internet Bank

Commercial Bank

Savings and Loan Association (S&L)

Credit Union

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An electronic banking outlet that allows customers to perform basic transactions like withdrawing cash or checking balances without a human teller is known as what?

ATM (Automated Teller Machine)

Internet Bank

PIN (Personal Identification Number)

Debit Card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these terms describes a bank that operates exclusively online without any physical branches, often passing lower overhead costs on to customers?

Internet Bank

Mutual Savings Bank

Commercial Bank

High-Yield Savings Account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name of the independent U.S. government agency that insures deposits in banks and thrifts, protecting depositors in the event of a bank failure?

Federal Deposit Insurance Corporation (FDIC)

Federal Reserve System

Dodd-Frank Act

Securities and Exchange Commission (SEC)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to a service that prevents transactions from being declined when an account has insufficient funds, typically covering the amount but charging a fee?

Insufficient Funds (NSF) Fee

Overdraft Protection

Overdraft Fees

High-Yield Savings Account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of account is designed for daily transactions and bill payments and usually offers little to no interest on the deposited money?

Certificates of Deposit (CDs)

Money Market Account (MMA)

High-Yield Savings Account

Standard Checking Account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is a payment card that deducts money directly from a checking account to pay for a purchase?

ATM Card

Credit Card

Debit Card

Gift Card

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