WorksheetsUnderstanding Financial Institutions and Services
Total questions: 22
Worksheet time: 19mins
Which is not a financial service provider
Savings and Loans
(S & Ls)
Banks
Credit Unions
Spending and Loans
(S & Ls)
Select all the banking products offered by banks.
checking account
savings account
bank cards
(debit and/or credit)
piggy banks
credit unions
Which is not a banking service?
loans
safe-deposit box
overdraft protection
stop payment order
liquidity
What are the three main considerations when choosing a financial institution?
location
interest rates
safety
friendly people
pet-friendly
What independent agency insures customers deposits in banks?
FDIC
FGHI
FLOP
FOAM
FOIL
How much money will the FDIC insure for each bank account you own?
$250,000
$500,000
$100,000
$300,000
$150,000
(a) checking accounts are designed for low-income customers; (b) checking accounts earn interest like a saving account
What must be presented when you open a checking account? Select all that apply.
ID
address
social security number
1040 form
W-2
What was the check written for (a) ; who was the check written to (b) ; Which orange number is the bank routing number (c) Where is the bank located (d)
What are examples of PSP accounts that workers can invest their money in? Select all that apply.
403 (b)
401 (k)
899 (g)
513 (c)
Financial goals should be SMART goals. What does each letter stand for?
S (a) M (b) A (c) R (d) T (e)
Which goal written below would be considered a SMART goal for a high school student?
I want to have more money when I am 20.
I want $500 in the bank.
By the time I am 20, I want to have $2000 saved in the bank so I have a down-payment for a car.
By the time I am 20, I want to have $30000 saved to buy a new car.
If you are investing the same amount of money, for the same length of time, which account would earn you the most money?
3.2% compounded monthly
3.36% compounded monthly
3.4% compounded month
2.9% compounded monthly
If accounts have the same amount of money and the same interest rate, which compounding frequency would result in the most interest?
monthly
weekly
semi-annually
annually
In financial terms, CD stands for
Certificate of Deposit
Compact Disc
Country Day
Cincinnati-Dayton
Which type of account is the most difficult to get your money out without having to pay any fees or penalties?
CD (Certificate of Deposit)
savings account
Money Market account
Checking account
Using the "Rule of 72", how many years will it take to double your investment of $8000 if you have an interest rate of 7.2%?
What percent is needed to double your investment of $4000 in 4 years, using the "Rule of 72"?
Which is not a key part of maximizing interest earned on your investment?
interest rate
length of the deposit
compounding frequency
amount deposited
Which compounding frequency will make you the most interest when everything else is equal...principal, interest rate, time invested?
quarterly
monthly
semi-annually
daily
Simple interest will pay you more than compound interest, when interest rate, time and compounding frequency are equal.
Match the following
Inflation
money earned is worth less in future
Liquidity
ability to access your money
tax-exempt
free of certain taxes
tax-deferred
taxes aren't paid until the future
principal
original amount deposited
