WorksheetsIntroduction to Banking
Total questions: 7
Worksheet time: 4mins
Name
Class
Date
1.
Banks offer accounts to meet depositors needs. Which is not a traditional account offered by a bank?
a)
Retirement account
b)
Savings account
c)
Checking account
d)
Money market account
2.
Banks offer protection on deposits when they are a part of this government regulating agency:
a)
Federal Reserve
b)
Federal Deposit Insurance Corporation (FDIC)
c)
The Small Business Administration (SBA)
d)
Security and Exchanges Commission (SEC)
3.
While banks operate to earn a profit, credit unions provide banking services and are nonprofit entities
a)
True
b)
False
4.
This type of bank account pays a higher rate of interest in exchange for leaving the money in the account for a longer term
a)
Checking account
b)
High-yeild savings account
c)
Certificate of Deposit (CD)
d)
Joint savings account
5.
Mobile banking allows individuals to managine banking onilne. Which is not an advantage of mobile banking?
a)
It eliminates the need to budget and manage money
b)
It can be used to set up recurring payments
c)
It keeps a record of transactions that are made
d)
It can be used to make and receive payments to others
6.
Which type of bank account typically has a minimum balance requirement and may offer a higher interest rate?
a)
Checking account
b)
Savings account
c)
Retirement account
d)
Money market account
7.
What is the primary purpose of the Federal Reserve in the banking system?
a)
To insure deposits
b)
To regulate interest rates and manage the country's money supply
c)
To offer loans to small businesses
d)
To manage stock exchanges
100 %
