PRE- TEST #1 What is the function of the Federal Reserve System?

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Presentation transcript:

PRE- TEST #1 What is the function of the Federal Reserve System?

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Answer: To supervise and regulate member banks and to help banks serve the public efficiently

PRE- TEST #2 What does a commercial bank offer?

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Answer: Commercial banks offer checking accounts, provide savings accounts, make loans to individuals and businesses, and other services

PRE- TEST #3 What is a credit union?

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Answer: A user-owned, non-profit cooperative financial institution

PRE- TEST #4 What is a service charge?

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Answer: A fee a bank charges for handling a checking account

PRE- TEST #5 What is a debit card?

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Answer: A debit card is used for ATM transactions, taking money from your account

PRE- TEST #6 What is a check register?

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Answer: A separate book, usually the same size as a check book, which is used for recording account activities

PRE- TEST #7 What is a Stop Payment Order?

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Answer: A written notice that tells the bank not to pay a certain check