Strand 4, Standard 1: Financial Institutions

What does FDIC stand for?

• Federal Deposit Insurance Corporation

• Federal Deposit Interest Corporation

• Financial Deposit Insurance Company

• Financial Department of Insurance and Credit

What is the main purpose of the FDIC?

• To loan money to customers

• To insure deposits in banks

• To manage the stock market

• To regulate credit scores

Up to how much does the FDIC insure deposits per person in most banks?

• $100,000

• $200,000

• $250,000

• $500,000

What type of financial institution is a nonprofit and owned by its members?

• Bank

• Credit Union

• Investment Firm

• Mortgage Company

Which account is best used for daily expenses like paying bills and buying groceries?

• Checking Account

• Savings Account

• Certificate of Deposit

• Investment Account

What does P2P transfer mean in banking?

• Profit to Profit

• Peer-to-Peer

• Payment-to-Protection

• Premium-to-Principal

What is the purpose of a savings account?

• To use for daily transactions

• To build emergency funds or save for future goals

• To make large purchases immediately

• To receive payments from a job

Which of the following is a fee charged for spending more than you have in your account?

• Monthly Maintenance Fee

• Overdraft Fee

• Deposit Fee

• Interest Fee

Which technology allows you to deposit checks using a smartphone?

• Online Bill Pay

• Mobile Check Deposit

• P2P Transfer

• Account Alerts

Which insurance program protects deposits in credit unions?

• FDIC

• NCUA

• FICO

• ATM