Module 2 – Banking 1

Establishing the federal budget

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

Credit Union

Which type of financial institution typically has membership requirements?

Checking account

Which type of account is typically the MOST liquid?

Establish monetary policy

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

higher

Savings accounts usually offer ____ interest rates than checking accounts.

harder

It is ___ to access your money in a saving account than in a checking account.

Certificate of Deposit (CD)

Which type of account will typically have a higher interest rate?

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

The three parts of the Federal Reserve System are the:

Overdraft fee

Which of the following feed would likely be the highest?

Credit unions are typically owned and run by their members & credit unions limit membership to a certain people or groups

Which of the following is a unique feature of credit unions?

Social Security Number

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

Memo Line

What part of a check is the LEAST important?

Monthly

How often should you typically monitor your checking account?

ATM service, service fee, & Minimum balance fee

Which of the following represent typical account fees?

Payday Lender

Which of the following is not a type of bank?

Only use ATMs in your bank’s network

What’s the best strategy for avoiding ATM fees?

Department of the Treasury

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

To help you calculate how much money you have in your account

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

Certificate of Deposit (CD)

Which type of account typically has low liquidity?

You withdraw money too often

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