WorksheetsChapter 11 - Who to Trust
Total questions: 22
Worksheet time: 19mins
Accounting is a service of tax form preparation, tax planning, and business tax consulting.
True
False
There are three major categories of banks.
True
False
A brokerage firm brings buyers and sellers of stock and other securities together and facilitates transactions for a fee.
True
False
The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 allowed banks, insurance companies, and securities firms to affiliate and sell each other's products.
True
False
A certificate of deposit is a high risk and therefore high return investment that usually pays a lower interest rate than a traditional savings account.
True
False
What is NOT considered to be a consumer loan?
Retail Goods
Travel
Machinery
Education
What do real estate services include?
Property valuation
Handling transactions for the purchase and sale of real property
Home staging
All of the above
What act allowed banks to use electronic images of checks instead of paper?
Check 21 Act
Banking Act of 2001
1933 Banking Act
Expedited Funds Availability Act
What is the life expectancy of a $1 bill?
1 year
22 months
36 months
3 years
What is considered to be a government loan?
Schools
Roads
Public buildings
All of the above
Define the following: Certificate of deposit.
Define the following: Financial services.
Economic services provided by a range of organizations that manage money, such as banks, insurance companies, credit unions, investment companies, credit card companies, and real estate companies.
A type of government tax collected from individuals and businesses.
A set of physical goods traded in international markets.
A legal document required to start a business.
Define the following: eBanking.
A digital way of making financial transactions with your bank or other financial institutions.
A method of printing bank statements at home.
A way to physically visit your bank for every transaction.
A process of exchanging goods for cash at a local market.
Define the following: Credit union.
A co-operative financial institution, similar to a bank, usually controlled by its members.
A government agency that regulates stock markets.
A private investment firm that manages hedge funds.
A type of insurance company owned by policyholders.
Define the following: Bank.
What are three benefits of eBanking?
Convenience, 24/7 access, and faster transactions
Higher interest rates, more paperwork, and limited access
Slower processing, increased fees, and less security
Manual record keeping, limited services, and no online support
The Federal Deposit Insurance Corporation (FDIC) was created in which year, and what is its primary purpose?
1933, to insure bank deposits and maintain public confidence in the banking system
1929, to regulate stock markets
1945, to provide loans to small businesses
1913, to print currency
Two duties of The Fed are:
Setting interest rates and regulating banks
Collecting taxes and making laws
Issuing driver's licenses and passports
Running public schools and hospitals
What is the purpose of a safe deposit box?
Renting a safe deposit box can help you secure items that would be very difficult to replace, like marriage and birth certificates.
It is used to store perishable food items for long periods.
It is a place to keep your car keys for easy access.
It is used to deposit cash for daily withdrawals.
What are three safety measures for eBanking?
Antonio does not like carrying cash or writing checks, but he wants to have access to his money in his account for daily use. What service that fits his preferences can a bank offer him?
saving account
Credit Card
Debit Card
Deposit Box
A financial institution is an organization that provides services related to _____.
clothing
money
property
insurance
