QUIZ: Financial Lit Unit 4

The government provides no oversight of financial institutions in most countries. A. True B. False

Who would be eligible for a 403b account? A. A CEO of a Fortune 500 company B. A government employee C. Anyone D. A salesperson

The Federal Deposit Insurance Corporation (FDIC) is an insurance agency that is supported by the government in the United States. A. True B. False

What is true about certificates of deposit? A. All of the above are true. B. The money has to remain in the account for a specified period of time. C. They offer lower interest rates than savings account. D. They are the most liquid account available.

401k accounts are what type of accounts? A. Retirement B. Bond C. Mortgage D. Education

What is true about credit unions? A. All of the above are true. B. They only offer savings accounts. C. They are not insured by the government. D. They are generally member owned.

The FDIC in the United States insures some financial accounts up to what amount? A. $10,000 B. $50,000 C. $500,000 D. $250,000

Brokerage firms make their profits primarily in which of the following ways? A. Dividends B. Fees or commissions on sales or transfers C. Consumer deposits D. Government deposits

All financial institutions are equally safe and beneficial to use. A. False B. True

Mutual fund companies are what type of companies? A. Insurance B. Mortgage C. Investment D. Credit card

Pawnshops generally offer what type of service? A. Loans on possessions B. Check cashing C. Life insurance D. High interest savings accounts

Mutual savings institutions are owned by who? A. Government B. Members of the institution C. Stock holders D. All of the above

Web-only financial institutions do not have which of the following? A. Physical locations B. Savings accounts C. Checking accounts D. Interest

Check cashing businesses do not require that an individual be an account holder; they will cash any valid check. A. False B. True

Accounts in non-depository institutions are almost always insured by the government. A. True B. False

Commercial banks are funded through which of the following? A. Customer deposits B. Stock holders C. Government funding D. Services

All financial institutions offer the same products and services to consumers. A. True B. False

In the United States, all financial institutions are required to conduct business at a physical location only. A. True B. False

What is the end of the CD account time when the money can be withdrawn? A. Completion date B. Withdrawal date C. Maturity date D. End date

An example of a nondepository financial institution is which of the following? A. All of the above B. Credit union C. Brokerage firm D. Commercial bank