Exam (elaborations)
FDIC weeks 5,6,7,8 Exam with correct Answers
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FDIC weeks 5,6,7,8 Exam with correct Answers
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FDIC weeks 5,6,7,8 Exam with correctAnswers
FDIC is a banking acronym in which the letters stand for
__________________________. - Answers -Federal Deposit Insurance Corporation
Most financial institutions offer ATM or debit cards that allow you to withdraw funds from
your account at places other than your institution. What is an ATM? - Answers -
automated teller machine
Where are the safest places to keep your money until you need it? - Answers -banks,
credit unions, and thrifts
An online bank may charge you a fee when you request the bank to review all the
transactions and changes to your account for the last month. This is called
_______________. - Answers -an account research team
Financial institutions may charge certain operational fees to help defray the costs of
doing business. Choose the fees listed below that are common to financial institutions. -
Answers -Minimum balance fees
returned check fees
non-sufficient fund fees
overdraft fees
Transaction fees
Why should you keep your money in a financial institution? Select the four best
answers. - Answers -The cost is cheaper than using other businesses to cash checks
and handle other processes.
Security-deposits are insured by the FDIC and the NCUA.
Your money will be safe there from fire, theft, and loss.
Financial institutions make it convenient and easy to get to money.
Choose all the descriptors that tell about the functions and policies related to banks. -
Answers -They are for-profit corporations charging fees and interest.
They lend money to individuals and invest in capital markets to earn interest.
They have to abide by guidelines regarding capital holdings and ratios for lending
money.
They accept deposits to accounts.
They are regulated by the government.
Online financial services associated with a bank, credit union, or thrift may include
which of the following services? Select all that apply. - Answers -loans
checking account
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