Understanding Banks and Their Services

What is the primary function of a bank?

• To offer real estate services

• To manufacture currency

• To pool deposits and provide loans

• To sell insurance policies

Which type of bank account is typically used for everyday transactions?

• Certificate of Deposit

• Savings account

• Investment account

• Checking account

What is a Certificate of Deposit (CD)?

• A savings product with a fixed term

• A type of checking account

• A short-term loan

• An insurance policy

Which of the following is a type of loan commonly offered by banks?

• Grocery loan

• Life insurance loan

• Home equity loan

• Travel loan

What service do banks provide to help with international money transfers?

• Credit card issuance

• Direct deposit

• Wire transfers

• Safety deposit boxes