Bank Review

1. The ____________________ is the central banking system of the United States of America. T

• Federal Reserve System

• Central Bank

• Main Bank

• World Bank

There are ____ Federal Reserve Banks in the United States.

• 3

• 5

• 10

• 12

1. An account is a deposit account held at a financial institution that allows withdrawals and deposits using checks and debit cards.

• Savings

• CDs

• Checking

• Money Market

Accounts maintained by retail financial institutions that pay interest.

• Checking

• Savings

• Auto Loans

• None of the above

A(n) economic system with no barriers to free market activity.

• Stock market

• Open and free market

• Limited market

• Unlimited

Bank cards can be either a debit card or a credit card.

• TRUE

• FALSE

An advantage (pro) of Certificates of Deposits (CDs) and Individual Retirement accounts is that the money can be taken out at any time without penalty.

• True

• False

A consequence of having bad credit is that you pay higher interest rates on loans.

• True

• False

The person on the check that reads "Pay to the order of __" is called

• Payee

• Drawer

• Checker

• Customer

The record of checking account transactions is recorded in a

• Check

• Accounting Spreadsheet

• Check Register

• Recordbook