Banking – Everfi

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

Establish monetary policy

Which of the following represent typical account fees: ATM, Service, Minimum balance?

All of the above

Which type of financial institution typically has membership payments?

Credit Union

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

To stop identity theft

Which type of account will typically have the highest interest rate?

Certificate of Deposit (CD)

How often should you typically monitor your checking account?

Monthly

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

Department of the Treasury
Regional Reserve Banks
Federal Open Market Committee
Board of Governors

Department of the Treasury

The best way to ensure the accuracy and safety of your accounts is to:

Monitor your online accounts regularly

Which of the following is a unique feature of Credit Unions?

A. Typically owned and run by its members
B. Limit membership to a certain number of people or group
C. Offer wide variety of banking services

A & B

The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:

Board of Governors

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

Are taking money out too often

Which of the following fees would most likely be the highest?

Account transfer fee
ATM fee
Overdraft fee
Monthly service fee

Overdraft fee

What part of the check is the least important?

Memo line

Which of the following is not a type of bank?

Online bank
Payday lender
Retail bank
Credit Union

Payday lender

Best strategy for avoiding ATM fees? Only use:

ATMs in your bank’s network

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

Routing number
Account number
Check number
Social Security number

Social Security number

Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.

higher ; harder

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

Supervising reserve banks
Maintaining stable banking system
Setting nation’s monetary policy
Establishing federal budget

Establishing federal budget

Which type of account is typically the MOST liquid?

Checking account

Which type of account typically has low liquidity?

Certificate of Deposit (CD)