| A | B |
|---|
| Most banks receive their charter from the ? | federal government |
| ? protects the first $100,000 in a savings account should the bank go bankrupt. | FDIC |
| FDIC was created as a result of the ? | Great Depression |
| A ? is a kind of bank formed by workers or a group of people who have something in common. | credit union |
| A ? specializes in loans for emergencies and bill consolidation. | consumer finance company |
| A simple kind of savings account where the depositor can save any amount, large or small is called a ? | passbook or statement savings account |
| A ? savings account pays a changing interest rate and requires a large amount in the account at all times. | money market account |
| An interest rate that changes is called a ? rate. | variable |
| A ? pays a constant interest rate and depositor pays a "substantial penelty for early withdrawal" | Certificate of Deposit (CD) |
| An interest rate that remains constant is called a ? rate. | fixed |
| An ? allows the saver to invest $2000 per year and is not taxed until it is taken out of the account. | Individual Retirement Account (IRA) |
| The depositor must start taking money out of an IRA between what ages? | 59 1/2 and 70 1/2 |
| A type of personal loan where amount borrowed and interest are repaid on the due date is called an ? | interest bearing loan |
| A type of personal loan where interest is subtracted at the beginning, and the amount borrowed is repaid at the due date. | non-interest bearing loan |
| The amount received in a non interest bearing loan is called the ? | proceeds |
| A non-interest bearing loan is also called a ? | discounted loan |
| ? loans are repaid in monthly payments. | Installment |
| ? loans are backed by something of value. | Secured |
| The thing of value that backs up a secured loan is called ? | collateral |
| A loan where no collateral is provided and money is loaned on the good name of the borrower is called a ? loan. | unsecured. |
| Credit cards are a form of ? credit since the borrowed amount that is paid back can be borrowed again. | revolving |
| A ? is like an electronic check. | debit card |
| A home loan is called a ? | mortgage |
| When a person does not make their mortgage payments, the bank will ? | forclose |
| The part of the house that is paid for is called ? | equity |
| The department of a bank that will manage money for someone else is called a ? | trust department |
