What is the role of a bank in the financial system?
The Banking System and Financial Services

Flashcard
•
Business
•
10th Grade
•
Hard
Quizizz Content
FREE Resource
Student preview

10 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Back
The role of a bank in the financial system is to facilitate the flow of funds between savers and borrowers, provide a safe place for depositors to store their money, and offer financial services such as loans, mortgages, and investment products.
2.
FLASHCARD QUESTION
Front
Explain the difference between a commercial bank and an investment bank.
Back
Commercial banks focus on serving individuals and small businesses, while investment banks focus on serving large corporations and institutional clients.
3.
FLASHCARD QUESTION
Front
What are the main functions of a central bank?
Back
Controlling monetary policy, regulating and supervising the banking system, issuing currency, and acting as a lender of last resort to commercial banks.
4.
FLASHCARD QUESTION
Front
Describe the process of opening a bank account and the documents required.
Back
To open a bank account, you will need to provide a valid form of identification, proof of address, and your social security number. Some banks may also require an initial deposit.
5.
FLASHCARD QUESTION
Front
What is the purpose of a credit score and how is it calculated?
Back
The purpose of a credit score is to assess an individual's creditworthiness and likelihood of repaying debt. It is calculated based on factors such as payment history, credit utilization, length of credit history, types of credit used, and new credit inquiries.
6.
FLASHCARD QUESTION
Front
Explain the concept of compound interest and its importance in banking.
Back
Compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods. It is important in banking because it allows for the growth of savings and investments over time, leading to higher returns for account holders and investors.
7.
FLASHCARD QUESTION
Front
What are the different types of financial services offered by banks?
Back
Savings accounts, checking accounts, loans, credit cards, investment services, and financial planning
Create a free account and access millions of resources
Similar Resources on Wayground
11 questions
Unit 5 Flashcard: Credit

Flashcard
•
11th Grade
10 questions
The History of Debt and Credit

Flashcard
•
9th Grade
8 questions
Chapter 16 Section 1 Flashcard

Flashcard
•
9th - 12th Grade
10 questions
Monetary Policy

Flashcard
•
11th Grade
13 questions
Banking

Flashcard
•
9th - 12th Grade
11 questions
Personal Finance Exam Review

Flashcard
•
11th Grade
10 questions
Understanding the Unbanked

Flashcard
•
9th - 12th Grade
10 questions
The Accounting Cycle- Recording Transactions

Flashcard
•
9th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade