Question 1

Which of these services is not provided by a financial institution such as a bank or credit union?

Accepted Answer

Informing customers of how the money in their accounts must be spent

Answer

Providing loans to customers that can be paid back over time with interest

Answer

Providing cash when customers make withdrawals from their accounts

Answer

Informing customers of the amount of money in their accounts

Question 2

Joe 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?

Accepted Answer

Online banking

Answer

Sweets

Answer

Never

Answer

Cash

Question 3

What does an ATM (Automatic Teller Machine) do?

Accepted Answer

Allows you to withdraw money from your bank account or deposit money into it without going inside the bank

Answer

Offers you free money

Answer

Allows you to withdraw money from your bank account but can only be accessed inside the bank

Answer

Machine offering customer support

Question 4

Why do people use banks to save money?

Accepted Answer

Banks are secure and also insure your money so it is guaranteed to always be there.

Answer

Banks double the money you store

Answer

It is illegal not to use a bank

Answer

It is an important part of adult life

Question 5

What is profit?

Accepted Answer

The value of money left after expenses are paid

Answer

Cost to set up a business

Answer

Money lost from sales

Answer

Money placed in a bank account

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