Module 2 Koric – Flashcards
Unlock all answers in this set
Unlock answersquestion
What is NOT one of the responsibilities of the Federal Reserve?
answer
Established the Federal budget.
question
What type of account is typically the MOST liquid?
answer
A checking account.
question
Savings accounts usually offer ___ interest rates than checking accounts. It is ___ to access your money in a savings account than in a checking account.
answer
Higher; Harder.
question
The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the.
answer
Board of Governors.
question
Which of the following is a unique feature of credit unions?
answer
Credit unions are typically owned and run by members and credit unions limit membership to certain people or groups.
question
What part of the check is the LEAST important?
answer
Memo Line
question
What represent typical account fees?
answer
ATM fees, Service fees, and Minimum balance fees.
question
What's the best strategy for avoiding ATM fees?
answer
Only use ATM's your bank's network.
question
What's the purpose of balancing or monitoring your checking account?
answer
To help you calculate how much money you have in your account.
question
The best way to ensure the accuracy and safety of your accounts is to..
answer
Monitor your online accounts regularly.
