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PERSONAL FINANCE SURPRISE QUIZ FM 4

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

Specialized in savings account and mortgage loans. is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund.

a)

SAVINGS AND LOANS ASSOCIATIONS

b)

CREDIT UNIONS

c)

MUTUAL SAVINGS BANK

2.

Also known as Mutual Funds. It is a corporation or trust engaged in the business of investing the pooled capital of investors in financial securities.

a)

UNION BANKS

b)

INVESTMENT COMPANIES

c)

INTERMEDIARIES COMPANY

3.

It is a lender specializing in originating home loans and car loans.

a)

MORTGAGE COMPANY

b)

FINANCE COMPANIES

c)

LOANS AND SAVINGS BANKS

4.

It is a payment card that deducts money directly from a consumer's checking account when it is used.

a)

DEBIT CARD

b)

CREDIT CARD

c)

SAVINGS CARD

5.

Get in the habit of paying your bills on time. This is important for establishing and maintaining good credit.

a)

TRUE

b)

FALSE

6.

Life Insurance refers to the money that a person has left over after they subtract out their consumer spending from their disposable income over a given time period.

a)

TRUE

b)

FALSE

7.

Savings and loans association offers a full range of services including checking, savings, lending and other services

a)

TRUE

b)

FALSE

8.

A Premium Savings Account is a type of checking account which offers the ability to write checks. It also provides access to a debit card that you can use to make purchases and withdraw cash at ATM’s.

a)

TRUE

b)

FALSE

9.

Savings and Loans Association is owned by their depositors by paying a higher rate on savings. It is also a type of thrift institution originally designed to serve low-income individuals. Historically, these individuals invested in long-term, fixed-rate assets, such as mortgages.

a)

TRUE

b)

FALSE

10.

It is the use of credit for personal needs (excludes home loans, home improvement loans, and higher education loans).

a)

CONSUMER CREDIT

b)

CREDIT CARD

c)

CREDIT UNION