Financial Institutions and You

Front

Which financial institution is owned by its members? Options: financial service company, savings and loan association, commercial bank, credit union

Back

credit union

Front

What is a minimum balance when it comes to account requirement?

Back

minimum dollar amount that can be in an account

Front

What is interest?

Back

The payment people receive when they lend their money or allow someone else to use their money.

Front

A credit union...

Back

is a non-profit institution owned by its members and provides financial services to its members.

Front

A card that uses money directly from your bank account

Back

Debit Card

Front

When you pay back a loan, you not only pay the amount you borrowed, you also pay it back with _____________

Back

Interest

Front

Which of the following will a bank provide? Keep your money safe, Pay your bills, Put money into your account, Balance your checkbook

Back

Keep your money safe

Front

an organization that provides services related to money

Back

financial institution

Front

a written order for the bank to pay a specific amount to a person for whom the item is written

Back

check

Front

David invests $10,000 in a savings account that pays 3.5% simple interest. If David makes no withdrawals or deposits to the account, how much will be in the account after 7 years?

Back

$12,450