1) What is a credit union? a) A not-for-profit depository institution that serve
ID: 2811158 • Letter: 1
Question
1) What is a credit union?
a) A not-for-profit depository institution that serves members who have a common affiliation
b) A financial institution that accepts deposits and uses the funds to provide private business and personal loans
c) A group of workers who pay union dues for credit
d) A place where it snows
2) To choose the right type of financial instrument, which of the following should you consider?
a) Fees
b) Locations and hours
c) Interest rates
d)All of the options are correct.
3) Anna recently opened a savings account and made three deposits in the amounts of $100,000, $65,000, and $200,000. If the Great Depression was to occur again and the bank closed, how much money would Anna be insured for?
a) $365,000
b) $200,000
c) $250,000
d) $100,000
4) What is a debit card?
a) A card that carries a credit card logo and is tied to a checking account
b) A card known as a bank card or a cash card that does not include a credit card logo
c)A card that has a minimum line of credit
d)A loan card provided by a bank after being approved by a loan officer
5) If you have $3,450 today with an APY of 10%, how much will you have one year from now?
a)$3,695.00
b)$3,795.00
c)$3,595.00
d)$3,995.00
Explanation / Answer
1) correct option:
a) A not-for-profit depository institution that serves members who have a common affiliation
b is not apt as it resembles a bank
c is not correct as it resembles a labour union
d is unrelated to finance
2) Correct option d) All of the options are correct.
3) As per FDIC for savings account held by a single person $100,000 is insured.
Hence option d is correct
4) Correct option b
5)Correct option b)3795
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