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 |