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

Unit 2 Quiz: Using Financial Services

Quiz
•
Other
•
8th Grade
•
Hard
Honey Holmes
FREE Resource
19 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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