Question 1

Establishing the federal budget

Accepted Answer

Which of the following is NOT one of the responsibilities of the Federal Reserve?

Question 2

Credit Union

Accepted Answer

Which type of financial institution typically has membership requirements?

Question 3

Checking account

Accepted Answer

Which type of account is typically the MOST liquid?

Question 4

Establish monetary policy

Accepted Answer

Which of the following is a primary responsibility of the Federal Reserve Bank?

Question 5

higher

Accepted Answer

Savings accounts usually offer ____ interest rates than checking accounts.

Question 6

harder

Accepted Answer

It is ___ to access your money in a saving account than in a checking account.

Question 7

Certificate of Deposit (CD)

Accepted Answer

Which type of account will typically have a higher interest rate?

Question 8

Reserve Banks, the Federal Open Market Committee (FOMC), and the Board of Governors

Accepted Answer

The three parts of the Federal Reserve System are the:

Question 9

Overdraft fee

Accepted Answer

Which of the following feed would likely be the highest?

Question 10

Credit unions are typically owned and run by their members & credit unions limit membership to a certain people or groups

Accepted Answer

Which of the following is a unique feature of credit unions?

Question 11

Social Security Number

Accepted Answer

The numbers on the bottom of a typical check represent all of the following EXCEPT?

Question 12

Memo Line

Accepted Answer

What part of a check is the LEAST important?

Question 13

Monthly

Accepted Answer

How often should you typically monitor your checking account?

Question 14

ATM service, service fee, & Minimum balance fee

Accepted Answer

Which of the following represent typical account fees?

Question 15

Payday Lender

Accepted Answer

Which of the following is not a type of bank?

Question 16

Only use ATMs in your bank's network

Accepted Answer

What's the best strategy for avoiding ATM fees?

Question 17

Department of the Treasury

Accepted Answer

Which of the following is NOT a core component of the Federal Reserve bank?

Question 18

To help you calculate how much money you have in your account

Accepted Answer

What's the purpose of balancing or monitoring your checking account?

Question 19

Certificate of Deposit (CD)

Accepted Answer

Which type of account typically has low liquidity?

Question 20

You withdraw money too often

Accepted Answer

With a traditional savings account, you could be charged a fee if:

Module 2 – Banking 1

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