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WorksheetsDepository Institutions
Total questions: 37
Worksheet time: 29mins
Name
Class
Date
1.
Anyone can open an account here
a)
credit union
b)
commercial bank
c)
both
2.
offers financial services
a)
credit union
b)
commercial bank
c)
both
3.
owned by their customers
a)
credit union
b)
commercial bank
c)
both
4.
in business to make money
a)
credit union
b)
commercial bank
c)
both
5.
membership requirements to open an account
a)
credit union
b)
commercial bank
c)
both
6.
What is a benefit depository institutions can provide?
a)
money is unsafe
b)
opportunity to earn interest
c)
does not help manage money
7.
Sally is getting ready to go away to college. What would be three important factors for her to consider when choosing a new bank?
a)
location, services offered, interest rates offered
b)
location, flavor of candy offered, services offered
c)
insurance, services offered, fees
8.
How can a depository institution keep your money safe?
a)
earning interest
b)
insurance
c)
withdraw money
9.
Which one is not a special needs payment instrument?
a)
traveler's check
b)
cashier's check
c)
money order
d)
cash
10.
A debit card can be described as an electronic check that requires a PIN.
a)
True
b)
False
11.
All depository institutions offer ATM’s in many different locations.
a)
True
b)
False
12.
If a merchant accepts debit cards, that place of business will also offer contactless payment as an option.
a)
True
b)
False
13.
All depository institutions are required by law to charge the same fees.
a)
True
b)
False
14.
One person can open accounts at more than one depository institution.
a)
True
b)
False
15.
A person can earn and be charged interest.
a)
True
b)
False
16.
What are businesses that provide financial services?
a)
online banking
b)
depository institutions
c)
interest rate
d)
checking account
17.
Which of the following is NOT a depository institution?
a)
PNC Bank
b)
Monroe County Community Credit Union
c)
5/3 Bank
d)
e-Trade
18.
Which of the following is a for-profit institution that offers numerous financial services?
a)
commercial bank
b)
credit union
c)
school
d)
financial counselor
19.
What are two characteristics of a bank?
a)
They are non-profit organizations owned by members.
b)
They pay profits to their shareholders and can be used by anyone.
c)
They charge better interest rates on loans and have low fees.
d)
Deposits are insured for $100,000 by the NCUA.
20.
What services are offered by commercial banks?
a)
checking and savings accounts
b)
loans and credit cards
c)
financial counseling
d)
all of the above
21.
What group carries the insurance on commercial banks?
a)
PNC
b)
MBT
c)
FDIC
d)
NCUA
22.
How much is each depositor insured for in a commercial bank?
a)
$50,000
b)
$100,000
c)
$200,000
d)
$250,000
23.
What does the insurance provided to a bank insure against?
a)
It insures banking customers' accounts so that they don't lose their money if the bank collapses.
b)
It insures the building that houses the bank against loss and damages.
c)
It insures the bank against theft.
d)
It insures the bank against lawsuits.
24.
What are two characteristics of a credit union?
a)
They require membership and are owned by those members.
b)
They charge higher interest rates on loans and have more fees.
c)
They pay profits to their shareholders and can be used by anyone.
d)
Deposits are insured by $100,000 by the NCUA.
25.
What services are offered by credit unions?
a)
only credit cards
b)
only lines of credit (loans)
c)
the same services as commercial banks
d)
a place to gather with other people that have something in common
26.
Which of the following types of accounts provide an easy method for transferring money to other people and organizations?
a)
savings account
b)
checking account
c)
money market account
d)
certificate of deposit
27.
What is the difference between interest and interest rate?
a)
Interest rate is the percentage used to calculate interest paid.
b)
Interest used to calculate how much you owe and interest rate is the formal name for it.
c)
Interest is paid on a savings account and interest rate is paid on a loan.
d)
There is no difference between them.
28.
What is the difference between mobile banking and online banking?
a)
Mobile banking is done with a computer and online banking is done through your phone.
b)
Mobile banking is done at the ATM and online banking is done through your computer.
c)
There isn't any difference between them.
d)
Mobile banking is done through an app on your phone and online banking is done through a computer.
29.
What group carried the insurance on a credit union?
a)
PNC
b)
MBT
c)
FDIC
d)
NCUA
30.
How much is each depositor insured for in a credit union?
a)
$50,000
b)
$100,000
c)
$200,000
d)
$250,000
31.
What service offered by a bank involves keep valuables safe (other than just money)?
a)
savings account
b)
checking account
c)
safe-deposit box
d)
drive-through window
32.
What are three things you can do at an ATM?
a)
order more checks, make deposits, cash checks
b)
cash checks, send money to others, check your account balance
c)
make deposits, withdrawals, transfer funds between accounts
d)
get financial counseling, make deposits, order a new debit card
33.
What's the difference between checking and savings accounts?
a)
Checking accounts allow you to make an unlimited number of deposits and withdrawals in a month.
b)
Savings accounts are for saving money, not transferring funds.
c)
Checking accounts can be accessed using checks or debit cards.
d)
All of the above are differences between checking and savings accounts.
34.
Which of the following involves guiding people on the best ways to manage, invest, or use their money?
a)
financial counseling
b)
loan officers
c)
federal deposit insurance corporation
d)
national credit union association
35.
Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale terminal or store clerk
a)
contactless payment
b)
credit union
c)
debit card
d)
depository institutions
36.
When checks have been written for more money than is in the account, it is called
a)
overdraft
b)
cancelled payment
c)
stop payment
d)
reconciliation
37.
Common fees that may be charged by a depository institution include all EXCEPT:
a)
Overdraft fee
b)
Late fee
c)
ATM fee
d)
Minimum Balance fee
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