Banking Module Quiz

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What are responsibilities of the Federal Reserve?

Supervising reserve banks, keeping the bank system stable, and making monetary policy

What type of financial institution usually has membership requirements?

Credit Union

What type of bank account is the MOST liquid? (i.e., easiest to access your money)

Checking Account

What is a primary responsibility of the Federal Reserve Bank?

Establish monetary (money) policies

Savings accounts offer ______________ interest rates than checking accounts.

higher

It is _____________ to access your money in a savings account than in a checking account.

harder (more difficult)

What type of account usually has the highest interest rates?

Certificate of Deposit (CD)

The 3 parts of the Federal Reserve System are the Reserve Banks, the FOMC, and the __________________________________.

Board of Governors

What bank fee is usually highest: Overdraft, account transfer, monthly service, or ATM?

Overdraft

What is a unique feature of credit unions?

They are owned and run by members, they limit membership to specific groups

What numbers are on a check?

Check number, routing number, account number

What is the LEAST important part of a check?

The memo line

What are some account fees?

ATM fee, service fee, minimum balance fee

How often should you monitor (check) your bank account?

Every month (monthly)

Are Payday lenders banks?

No

How can you avoid (stay away from) ATM fees?

Only use ATMs from your bank

What are the parts of the Federal Reserve Bank?

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

Why should you balance or monitor (check) your checking account?

To calculate how much money you have in your account?

What type of bank account has low liquidity (is difficult to access money)?

Certificate of Deposit (CD)

What is the best way to ensure (make sure) your account is accurate and safe?

Check your online accounts regularly (often)

Why might you be charged a fee with a traditional savings account?

If you take out money too often

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