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24 Cards in this Set
- Front
- Back
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What do commercial banks and brokerage firms have in common?
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3-Both offer help with investments
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How do commercial banks and savings and loan associations compare?
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-Both may be chartered by state or federal government
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Sharon set up an account at a credit union because she could earn a higher rate of interest on money deposited there than at the local bank. What type of account is this?
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-Share account
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Blake invested $200 in the federal government. What type of investment is this?
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-Bond
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Darryl needs help with managing his inheritance. What type of financial service would meet this need?
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Financial counseling
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An advantage of traditional banking over E-banking is that:
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a personal check can only be used by the person named in the account.
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Dwayne used his debit card to pay for his groceries at the self-checkout station. Which E-banking service is this?
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Point-of-sale transfer
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Greg wants to be sure to protect his PIN number from being stolen. What should he do?
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Be observant when using an ATM
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Jennifer does not have a checking account and needs to send $75 to her sister in another town. What should she do?
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Obtain a money order for $75 and mail to her sister
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Sherry just received her bank statement in the mail. What should she do?
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Balance her checkbook
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Wanda wrote a check with an incorrect amount. What should she do?
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Tear up the check and write "VOID" beside that check number in the register
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Warren does not have a personal checking account and does not like to carry cash when he shops. What should he do?
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-Use a credit card when he shops
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What do commercial banks and credit unions have in common?
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-Both offer mortages
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What do savings and loans associations and credit unions have in common?
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Both offer checking and savings accounts
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Jerry is concerned about the safety of his money in a local commercial bank. What insurance program protects his money?
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FDIC
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Marti opened a savings account at a credit union. What type of account is this?
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Share
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Roberto purchased shares of ownership in a local commercial bank. What type of investment is this?
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Stock
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Junior was advised to store this deed of trust in a secure place. Which is the BEST location to store important items?
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Safe deposit box
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Justin doesn't have a bank account and needs to mail a payment to a person out of state. Which is the BEST method of payment?
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Money order
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Jacob needs a personal check guaranteed by the bank for the purchase of a used car. Which is the BEST method of payment?
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Certified check
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Penny wants to cash a check from her friend. What should she do?
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Endorse the back of the check
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Ralph wants to protect his debit card from fraud. What should he do?
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Write "See ID" on the back of the card
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Which financial institution is owned by shareholders and operated for profit?
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Commercial bank
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Jamal opened an account at his mom's bank. He discovered that he had to become a "member" and that he would pay much lower monthly fees for his checking and savings. What type of institution is Jamal banking at?
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-Credit Union
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