Module 2 – Banking

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

Establishing the federal budget

Which type of financial institution typically has membership requirements?

Credit Union

Which type of account is typically the MOST liquid?

Checking account

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

Establish monetary policy

Savings accounts usually offer ____ interest rates than checking accounts.

higher

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

harder

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

Certificate of Deposit (CD)

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

Board of Governors

Which of the following feed would likely be the highest?

Overdraft fee

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

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

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

Social Security Number

What part of a check is the LEAST important?

Memo Line

How often should you typically monitor your checking account?

Monthly

Which of the following represent typical account fees?

ATM service, service fee, & Minimum balance fee

Which of the following is not a type of bank?

Payday Lender

What’s the best strategy for avoiding ATM fees?

Only use ATMs in your bank’s network

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

Department of the Treasury

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

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

Which type of account typically has low liquidity?

Certificate of Deposit (CD)_

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

You withdraw money too often

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