Question

What is the Federal Reserve System?
(5 Points)


savings product where money is locked for a set time in exchange for a fixed interest rate

cost of borrowing, including interest and fees

central bank of the United States, responsible for monetary policy, financial stability, and banking supervision

bank responsible for paying the amount written on a check
12.What is a hold?
(5 Points)


account with no activity for a long period

interest that has built up on a loan or investment but hasn’t been paid yet

money taken out of an account

temporary delay placed on deposited funds before they become available
13.What is an inactive account?
(5 Points)


account with no activity for a long period, sometimes leading to fees or closure

account with less than 2 transactions of activity for 6 months, sometimes leading to fees or closure

account with lots of activity for a long period, sometimes leading to fees or closure

bank account owned by two or more people with equal access
14.What are insufficient funds?
(5 Points)


when an account has enough money to cover a transaction

when an account does not have enough money to cover a transaction

transaction that withdraws funds directly from a bank account

transaction that increases funds directly to a bank account
15.A lower DTI indicates better financial health.
(5 Points)


True

False
16.What is interest?
(5 Points)


money withdrawn from an account

money deposited into an account

cost of borrowing money, typically expressed as a percentage

delay placed by a bank on funds in an account
17.What is an interest rate?
(5 Points)


measure that compares an individual's total monthly debt payments to their gross monthly income

temporary restriction on a portion of funds in an account

situation in which withdrawals from a bank account exceed the available balance

percentage at which interest is charged or paid on a principal amount over a specified period
18.What is maturity?
(5 Points)


account that has had no activity or transactions over a specified period

date on which a financial instrument, such as a loan or investment, comes due for payment, marking the end of the agreement

status indicating that an account does not have enough money to cover a transaction

action of withdrawing more funds from an account than are available
19.What is an outstanding check?
(5 Points)


check that has been written in an amount over $1,000

savings product offered by banks and credit unions that involves depositing money for a fixed period at a fixed interest rate

check that has been written and sent but has not yet been cashed or cleared by the bank

specialized electronic device that allows bank customers to perform financial transactions
20.A variable rate is an interest rate that does not change over time.
(5 Points)


True

False

Answer 1

11. central bank of the United States, responsible for monetary policy, financial stability, and banking supervision

12. temporary delay placed on deposited funds before they become available

13. account with no activity for a long period, sometimes leading to fees or closure

14. when an account does not have enough money to cover a transaction

15. True

16. cost of borrowing money, typically expressed as a percentage

17. percentage at which interest is charged or paid on a principal amount over a specified period

18. date on which a financial instrument, such as a loan or investment, comes due for payment, marking the end of the agreement

19. check that has been written and sent but has not yet been cashed or cleared by the bank

20. False