Financial Institutions

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Quick Quiz

Do you know which financial service provider is best for you? If not, this quiz can help you learn a bit more. Before you decide where you want to put your money, it’s helpful to know how different financial service providers can benefit you.

1

Which service is offered by a bank?

A
Saving money
B
Depositing money into an account
C
Withdrawing money on a monthly basis
D
All of the above

Correct!

A bank, credit union or savings cooperative is where your income is deposited and stored so that you can access funds to manage your expenses.

Not quite.

A bank, credit union or savings cooperative is where your income is deposited and stored so that you can access funds to manage your expenses.

2

How is a bank’s profit calculated?

A
Deposits minus withdrawals
B
Interest and fees that customers pay on their loans and other bank services minus interest the bank pays on customers’ deposits in savings accounts
C
Fees minus withdrawals
D
Interest that customers pay on their loans plus the money that customers deposit into the bank

Correct!

Interest that customers pay on their loans minus interest the bank pays on customers’ deposits in savings accounts equals the bank’s profit.

Not quite.

A bank’s profit is calculated by subtracting interest that the bank pays on customers’ deposits into savings accounts from the interest that customers pay on their loans.

3

In most countries banking is a regulated activity. Who regulates organizations that provide deposit accounts and loans?

A
Trading standards authority
B
Advertising standards authority
C
Consumer protection agency
D
National government or central bank

Correct!

National governments or central banks regulate the banks.

Not quite.

National governments or central banks regulate banks.

4

What is a type of fee that a financial service provider may charge?

A
Mortgage loan fee
B
Overdraft fee
C
Late payment fee
D
All of the above

Correct!

Mortgage loan, overdraft and late payment fees are all types of fees that a financial service provider may charge.

Not quite.

All of these are fees that a financial service provider may charge.

Your Score

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You’re a financial service provider expert — check out these tips to stay successful.

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You’re on the path to becoming a financial service provider expert — check out these resources to learn even more.

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You’re new to personal finance with lots of potential — check out these resources to learn more about financial institutions.

Test Your Financial Service Provider Knowledge

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