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WorksheetsFinancial Institutions - Saving&Borrowing
Total questions: 35
Worksheet time: 22mins
A financial institution is an organisation that offers money related services to customers.
TRUE
FALSE
Which of the following are commercial banks
BANK OF IRELAND
Allied IRISH BANK (AIB)
POST OFFICE
ULSTER BANK
A ____________ ____________ is used for day-to-day transactions with no interest earned on money.
Deposit account
Current account
Which of the following are NOT required when opening a current account?
Proof of address
Mobile number
Proof of identity
Proof of online shopping purchases
The letters 'ATM' stand for
Automatic task machine
Automated teller mobile
Automated teller machine
Automatic task mobile
An overdraft allows an account holder to withdraw more money from a deposit account than what is in the account
True
False
An overdraft facility is a form of borrowing
True
False
The letters PIN stand for
Personal Identification Number
Personal dentity Number
Personal Identification Notice
Bank Statements can be used as proof of income and expenditure when applying for a loan
True
False
Which of the following are features of online banking
Check balances/View transaction history
Transfer funds to someone else's account
Apply for loans/overdrafts
Writing a cheque
You can only become a member of a Dundalk Credit Union if you live, work and study locally.
True
False
Credit Union members are shareholders. This means that they have a
Share of ownership in their local credit union.
Share of other members savings.
Share of ownership in all Credit Unions across the country.
An Post is a state-sponsored financial institution. This means it is owned and operated by
The Irish Government
The European Union
The Irish Embassy
Foreign Currency Exchange is not offered by which of the following
Post Office
Credit Union
Liberty Insurance
Commercial Banks i.e. AIB
Financial institutions in Ireland are regulated by
The Central Bank of Ireland
The Dáil Éireann
The Irish Embassy
A Credit Union is a _________________ financial institution that is owned by its members.
For profit
Not for profit
Provide one risk of online banking
Provide one benefit of online banking.
Cryptocurrency is an online only-currency that is not regulated by a central bank.
True
False
Which of the following are examples Digital only-banks.
Revolut
AIB
N26
EBS
Why do you think more people are making contactless payments in recent years?
What benefits do contactless payments provide retailers?
Explain your understanding of the term 'saving'.
Where do you save your money?
Credit Union
Bank i.e. AIB, Bank of Ireland
An Post
Piggy Bank
I don't save money
Interest is earned on money lodged to..
Current account
Deposit account
For what reason(s) might you save money?
A ____________ ____________ is used for day-to-day transactions with no interest is earned on money.
Deposit account
Current account
Interest is a __________ given by a financial institution for saving money with them.
Reward
Retained Earnings
Retailer
The letters 'AER' stand for Annual Equivalent ______________.
Retail
Rate
Rebate
Bank overdraft, credit card and moneylenders are examples of
Short term loans
Medium term loans
Long term loans
Select from the list which factors are essential when applying for a loan
Proof of income
Proof of existing loans
Credit history
Car tax disc
A debt is a some of money that the financial institution owes the account holder/member
True
False
Borrowing of money is paid back with ______
Investment
Interest
Imports
I can apply for a loan using my neighbours name and date of birth.
True
False
How did you find this quiz?
Easy
Somewhat difficult
Difficult
