module 3

Question 1

title of mod 3

Answer 1

managing checking and savings accounts

Question 2

it represents all your money

Answer 2

monetary assets

Question 3

poeple use monetary assets in three ways

Answer 3

day to day spending
checking and savings accounts
make investments

Question 4

speed and ease in ocnverting asset to cash

Answer 4

liquidity

Question 5

funds are free from financial risks

Answer 5

safety

Question 6

companies that provide checking, savings, insurance, investments, and financial planning services

Answer 6

financial services industry

Question 7

depository institutions

Answer 7

banks, credit unions, stock brokerage firms, mutual funds, financial service companies, insurance companies

Question 8

legally allowed to offer checking and savings accounts to individual and business

Answer 8

depository institutions

Question 9

examples of depository institutions 3

Answer 9

commercial banks, savings banks, credit union

Question 10

people often call them all simply…

Answer 10

banks

Question 11

type of banks accepts deposits in checking and savings and provide transactional services

Answer 11

commercial banks

Question 12

commercial banks that offer services such as

Answer 12

checking, savings, loans, safe-deposit boxes, investment services, financial counseling, automatic payment of bills.

Question 13

type of commercial bank that focuses on providing traditional banking services in their local communities

Answer 13

community banks

Question 14

focus primarily on accepting saving and providing mortgage and consumer loans

Answer 14

savings and loan associations

Question 15

investment companies that raise money by selling shares to the public. a safe place to keep money while awaiting alternative investment oppor

Answer 15

mutual funds

Question 16

licensed financial institutions that specialize in selling and buying stocks, bonds, and other investments

Answer 16

stock brokerage firms

Question 17

provide liability, property, health, life, and other insurance products.

Answer 17

insurance companies

Question 18

a deposit account that performs transactions that allows for withdrawals and deposits. can be withdrawn using checks

Answer 18

a checking account

Question 19

checking account sometimes called

Answer 19

transaction account

Question 20

there is not enough money in an account

Answer 20

non-sufficient fund. bounced check, bad check

Question 21

saving account sometimes called

Answer 21

statement savings account

Question 22

deposit accounts held at a bank or other financial inst that provides principal security and a modest interest rate

Answer 22

saving account

Question 23

occurs whenever transaction are conducted without using paper documents

Answer 23

electronic money management

Question 24

it is a term used in which fund are shifted electronically among various accounts

Answer 24

electronic fund transfer

Question 25

most savings account come with a debit card, allows you to make purchases and withdraw money from atm machines

Answer 25

atm cards

Question 26

you can do with your atm card

Answer 26

deposit money, transfer money, check balance, withdraw money

Question 27

PIN

Answer 27

per iden num

Question 28

also known as banks card

Answer 28

debit card

Question 29

cards deduct directly from savings account to pay

Answer 29

debit card

Question 30

easy to use and reloadable

Answer 30

prepaid card

Question 31

no check or bank account needed, money pput on card

Answer 31

prepaid card

Question 32

plastic card with imprinted numbers and a magnetic chip. credit

Answer 32

credit card

Question 33

store value card, activation fee, expiration date

Answer 33

gift cards