NCVPS FM - Unit 1

Front

What is a credit union?

Back

A credit union is a type of financial institution that is owned and operated by its members, providing services like savings accounts and loans, and is not for profit.

Front

What is the difference between a commercial bank and a credit union?

Back

A commercial bank is a for-profit financial institution that offers a wide range of services to the public, while a credit union is a non-profit organization that serves its members.

Front

How many months are in a year?

Back

There are 12 months in a year.

Front

How many months are in 5 years?

Back

5 years is equal to 60 months.

Front

What is considered income?

Back

Income is money received, especially on a regular basis, for work or through investments.

Front

What is not considered income?

Back

A movie ticket is not considered income; it is a form of entertainment expense.

Front

What should you write on a check in the signature line?

Back

You should write your signature on the signature line of a check.

Front

What is the purpose of a savings account?

Back

A savings account is used to save money while earning interest on the balance.

Front

What is a payday loan?

Back

A payday loan is a short-term, high-interest loan that is typically due on your next payday.

Front

What is the role of a financial institution?

Back

Financial institutions provide services such as accepting deposits, providing loans, and facilitating transactions.