Unit 2 Quiz: Using Financial Services

Unit 2 Quiz: Using Financial Services

8th Grade

19 Qs

quiz-placeholder

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Unit 2 Quiz: Using Financial Services

Unit 2 Quiz: Using Financial Services

Assessment

Quiz

Other

8th Grade

Hard

Created by

Honey Holmes

FREE Resource

19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of interest paid by borrowers to financial institutions?

To allow financial institutions to pay interest to savers

To increase the profits of financial institutions

To fund the operations of financial institutions

To provide loans to borrowers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the differences between 'brick and mortar' financial institutions and online-only institutions?

Brick and mortar institutions offer higher interest rates, while online-only institutions offer more convenience

Brick and mortar institutions have physical branches, while online-only institutions operate solely online

Brick and mortar institutions have more fees, while online-only institutions have better customer service

Brick and mortar institutions have stricter eligibility requirements, while online-only institutions have more lenient requirements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can financial institutions help people accomplish their financial goals?

By providing savings accounts and investment opportunities

All of the above

By offering loans and credit cards

By providing financial education and guidance

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the risks associated with using banking alternatives such as check cashers, payday loans, and pawn shops?

Potential for fraud and exploitation

Limited access to financial services

High fees and interest rates

All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which government agencies insure deposits in banks and credit unions?

IRS and FTC

FDIC and NCUA

SEC and CFPB

SBA and OCC

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of overdraft protection?

To prevent unauthorized access to an account

To cover a payment when an account balance drops below zero

To provide additional funds for large purchases

To protect against identity theft

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between online banking and mobile banking?

Mobile banking is only available to younger generations

Mobile banking is more secure than online banking

Online banking offers more features than mobile banking

Online banking requires a computer, while mobile banking can be done on a smartphone

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