4.10.E Describe the purpose of financial institutions
Quiz by Texas Education Agency
Grade 4
Mathematics
Texas Essential Knowledge and Skills (TEKS)
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5 questions
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- Q1Which of these services is not provided by a financial institution such as a bank or credit union?Providing loans to customers that can be paid back over time with interestInforming customers of how the money in their accounts must be spentProviding cash when customers make withdrawals from their accountsInforming customers of the amount of money in their accounts60s4.10.E: Personal Financial Literacy
- Q2Joe borrowed $50 from a friend and urgently needs to pay him back, but all the banks are closed. What is the best way for Joe to pay his friend?SweetsOnline bankingNeverCash60s4.10.E: Personal Financial Literacy
- Q3What does an ATM (Automatic Teller Machine) do?Offers you free moneyAllows you to withdraw money from your bank account but can only be accessed inside the bankMachine offering customer supportAllows you to withdraw money from your bank account or deposit money into it without going inside the bank60s4.10.E: Personal Financial Literacy
- Q4Why do people use banks to save money?Banks double the money you storeIt is illegal not to use a bankBanks are secure and also insure your money so it is guaranteed to always be there.It is an important part of adult life60s4.10.E: Personal Financial Literacy
- Q5What is profit?Cost to set up a businessThe value of money left after expenses are paidMoney lost from salesMoney placed in a bank account60s4.10.E: Personal Financial Literacy