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- 1. Multiple Choice
Where do banks get money to lend to borrowers?
their depositors
from the government
- 2. Multiple Choice
What is a major difference between retail banks and credit unions?
Retail banks operate in order to earn profit, while credit unions are nonprofit.
Retail banks DO NOT operate in order to earn a profit, while credit unions are profit TOO.
- 3. Multiple Choice
Glenn and Maggie own a regional chain of juice bars and are looking to expand in the coming year. They already have fifty shops, but they know they will need a loan to reach their goal of one hundred twenty five shops. Which type of banking institution is most suitable for Glenn and Maggie’s business?
a commercial bank
A savings and Loan
- 4. Multiple Choice
What is one benefit of purchasing saving bonds?
Saving bonds are purchased from the government and guaranteed to increase in value.
Saving bonds are NOT purchased from the government and guaranteed to DECREASE in value.
- 5. Multiple Choice
Which of these is an advantage of checking accounts?
Checking accounts allow convenient ways to deposit or withdraw funds.
Checking accounts DO NOT allow convenient ways to deposit or withdraw funds.
- 6. Multiple Choice
What is the best reason for DR DE SOUZA'S to have a savings account in addition to a checking account?
A savings account keeps his savings separate from his spending money.
A savings account DO NOT keep his savings separate from his spending money.
- 7. Multiple Choice
Many checking accounts offer multiple ways of accessing money in addition to checks. Which of these can be used to access money in a checking account?
debit card
Credit Card
- 8. Multiple Choice
Which of these is the best reason for Nina to monitor her bank account statements online or on her cell phone app?
to know how much money she has for budgeting
to organize when to pay to bills
- 9. Multiple Choice
Sara would like to open a bank account. What will she need to do this? Check all that apply.
identification card
None of those
money to start the account
proof of address
- 10. Multiple Choice
Alex has not been keeping his banking records up to date. On his latest bank statement, he found that he had been charged an overdraft fee for writing a bad check. In addition to his being charged a fee, which of these is another possible consequence of an overdraft?
The merchant who received his check will expect repayment and a penalty fee.
The merchant who received his check will NOT expect repayment and a penalty fee.
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