ScienceEconomicsModule 2 – Banking
Please enter something

Module 2 – Banking

Virginius Martin avatar Virginius Martin
27 October 2022
4.6 (43 reviews)
20 test answers

Unlock all answers in this set

Unlock answers (16)
question
Which of the following is NOT one of the responsibilities of the Federal Reserve?
answer
Establishing the federal budget
question
Which type of financial institution typically has membership requirements?
answer
Credit Union
question
Which type of account is typically the MOST liquid?
answer
Checking account
question
Which of the following is a primary responsibility of the Federal Reserve Bank?
answer
Establish monetary policy
question
Savings accounts usually offer ____ interest rates than checking accounts.
answer
higher
question
It is ___ to access your money in a saving account than in a checking account.
answer
harder
question
Which type of account will typically have a higher interest rate?
answer
Certificate of Deposit (CD)
question
The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:
answer
Board of Governors
question
Which of the following feed would likely be the highest?
answer
Overdraft fee
question
Which of the following is an unique feature of credit unions?
answer
credit unions are typically owned and run by their members & credit unions limit membership to a certain people or groups
question
The numbers on the bottom of a typical check represent all of the following EXCEPT?
answer
Social Security Number
question
What part of a check is the LEAST important?
answer
Memo Line
question
How often should you typically monitor your checking account?
answer
Monthly
question
Which of the following represent typical account fees?
answer
ATM service, service fee, & Minimum balance fee
question
Which of the following is not a type of bank?
answer
Payday Lender
question
What's the best strategy for avoiding ATM fees?
answer
Only use ATMs in your bank's network
question
Which of the following is NOT a core component of the Federal Reserve bank?
answer
Department of the Treasury
question
What's the purpose of balancing or monitoring your checking account?
answer
To help you calculate how much money you have in your account
question
Which type of account typically has low liquidity?
answer
Certificate of Deposit (CD)_
question
With a traditional savings account, you could be charged a fee if:
answer
You withdraw money too often