Font size
WorksheetsPersonal Finance 8.1 Purpose of Banks
Total questions: 21
Worksheet time: 11mins
What should you do before you choose a bank?
research
choose a bank in town
ask your friends which bank they use
hide your money under your mattress
How much of your money does the FDIC ensure?
$250,000
$500,000
$25,000
as much as you have
What does NCUA stand for?
National Credit Union Administration
National Company of Union Transportation
Natural Company Under Administration
Natural Credit Union Association
You should use car title lenders when you are in need of money.
true
false
As long as your bank is insured by ___ your money is safe.
FDIC
NCUA
FCID
bank
As long as your credit union is insured by ___ your money is safe.
FDIC
NCUA
FCID
bank
Where is the best place to put your money?
in a bank
in a credit union
under your matress
in your shoe
Car title lenders offer...
free cars
free money
short term rental cars
short term loan for your car
A tax refund lender...
does your taxes for you
takes a large part of your tax return
fights the IRS
sues the IRS
The NCUA and the FDIC can save you up to $250,000 in case of hacking theft, or any other thing
true
false
perhaps
No, just trust your money with Shawn
Some people can’t pass the background check required to open a bank account because they have a negative financial history. This might include bounced checks or too many overdrafts. This is called
blacklisted
being a criminal
homeless
having a bank account repossessed
Amscot is an example of which 2 predatory lenders?
check cashing services
pay day lenders
car title lenders
pawn shop lenders
Some unbanked and underbanked people have had bad customer service at banks, so they avoid them.
This is an example of...
distrust
lack of financial literacy
unemployment
bank fees
Some people are intimidated by traditional financial services because they never learned about them.
This is an example of...
distrust
lack of financial literacy
unemployment
bank fees
Some people can’t pass the background check required to open a bank account because they have a negative financial history. This might include bounced checks or too many overdrafts.
This is an example of...
distrust
lack of financial literacy
unemployment
blacklisted
People in some areas (lower income or rural) may find fewer and more expensive bank options.
This is an example of...
distrust
lack of financial literacy
lack of services
blacklisted
D stands for which code?
deposit
debit card
ATM
Mastercard
ATM stands for
automated teller machine
association of tellers
automatic way to take money
authorized to take money
the code of V stands for
Visa
Victory
Vendor
Mastercard
the code MC stands for
Mastercard
McDonalds
Visa
debit card
If you write a check, what do you put in the space for the code?
the check number
D
C
Check
