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Unit 1, lesson 3
Review of U1 Lesson 3
| Question | Answer |
|---|---|
| What is the percent that is paid on money in a bank account or the money owed? | Interest Rate |
| What type a bank is a full-service financial institution that offers a variety of services? | Commercial Bank |
| What type of financial institution provides loans and mortgages to customers who hold a saving account? | Savings and Loans |
| What is a nonprofit financial cooperative owned by its members? | Credit Union |
| What type of account is an account where paper checks or debit cards are used to withdraw money deposited into the account to pay for items? | Checking Account |
| This type of account is where money is deposited into an account to earn interest. | Savings Account |
| ______________ is borrowed money. | Loan |
| Which financial institution usually has the lowest interest rates on loans? | Credit Unions |
| What do you need in order to reconcile a checking account? | bank statement and check register |
| This is the interest paid on the principal amount. | Simple Interest |
| Joe puts 1000.00 dollars in his account. The account earns 5% interest. He earns 50 dollars in interest the first month. His new balance is 1050 dollars and he earns 5% on his new balance the next month. What is the interest type? | Compound Interest |
Created by:
sboucher
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