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WorksheetsUnit 7 Review
Total questions: 10
Worksheet time: 5mins
When you save money in a piggy bank to buy a new cell phone, this is most like the financial institution service of ___________________.
Lending
borrowing
saving
investing
Most banks today go way beyond just offering checking and savings accounts. Many offer investment services and financial advisors.
True
False
When a bank provides their customers a place to earn money over the long term by allowing other companies to use their money, they are offering the financial service of _____________
saving
investing
spending
borrowing
Cory gives his friend money to buy a cheeseburger since he forgot his wallet at home, but expects to be repaid. This represents the financial service of:
lending
investing
saving
borrowing
Which of these is NOT covered by FDIC at a commercial bank?
certificates of deposit
checking accounts
savings accounts
shares of stock
Which of these is the first step in opening a new bank account?
ordering your checks
balancing check book
filling out application
taking out loan
Bank statements are monthly records of the activity in your bank account.
True
False
A friend is going to college and will need a bank account to use for everyday transactions. Which type of bank account should they choose?
Savings account
ATM account
Checking account
Money Market account
One benefit of a savings account is that you can earn interest on your deposits.
True
False
With a savings account, _____________.
You are allowed an unlimited number of transactions each month
You have a greater minimum balance than with other accounts
You can access your money whenever you want
You earn the highest possible interest rate
