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Unit 3-Financial Institutions Terms

Quiz by Teresa

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25 questions
Show answers
  • Q1
    It's when someone opens new accounts, credit cards or loans in your name.
    Finance fraud
    30s
  • Q2
    It's when someone commits a crime while assuming your identity.
    Criminal Fraud
    30s
  • Q3
    A crime that involves someone pretending to be another person by stealin your ID in order to steal money or obtain benefits.
    Identity theft
    30s
  • Q4
    An electronic warning placed on your accounts to monitor for suspicious financial activity.
    Fraud Alert
    30s
  • Q5
    Equifax, Experian and TransUnion are
    Credit reporting companies
    30s
  • Q6
    An account at a depository financial institution that is designed to hold money and earns interest.
    Savings account
    30s
  • Q7
    A no-frills account that offers a low minimum opening deposit with reduced fees and no interest bearing, check writing options and a debit card.
    Basic Checking Account
    30s
  • Q8
    A type of savings account that pays a higher interest rate because the financial institution invests the money you deposit.
    Money market account
    30s
  • Q9
    A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return.
    Certificate of Deposit (CD)
    30s
  • Q10
    It allows customers to complete certain transactions from a secured Internet site by using a username and password from any place in the world with Internet access.
    Online banking
    30s
  • Q11
    A government insurance agency that insures customers' deposits if a bank fails up to $250,000 per depositor.
    FDIC (Federal Deposit Insurance Corporation)
    30s
  • Q12
    Tax-deferred accounts to which wage earners can contribute an amount up to a yearly maximum.
    Individual Retirement Accounts (IRAs)
    30s
  • Q13
    They are Specific, Measurable, Attainable, Realistic and Timely.
    SMART goals
    30s
  • Q14
    A business that provides financial and monetary transactions and is not regulated by the banking regulations.
    Financial Institution
    30s
  • Q15
    Institutions that provide financial and monetary transaction governed by federal and state laws and by banking regulations.
    Banking Financial Institutions
    30s

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