Assess Yourself
Are you ready to take this lesson's quiz? The questions below will help you find out. Make sure you understand why each answer is correct—if you don't, review that part of the lesson.
What type of bank is supervised by a federal agency?
- an FDIC bank
- a regulated financial institution
- a mortgage lender
- a credit union
Any type of supervision from a federal agency will have guidelines that the bank, or other financial institution, must follow.
Any type of supervision from a federal agency will have guidelines that the bank, or other financial institution, must follow.
Any type of supervision from a federal agency will have guidelines that the bank, or other financial institution, must follow.
Any type of supervision from a federal agency will have guidelines that the bank, or other financial institution, must follow.
What is the main purpose of the Federal Deposit Insurance Corporation (FDIC)?
- to instill public confidence and trust within the banking system
- to make sure consumers are protected against unfair business practices
- to allow consumers to deposit money into financial institutions other than banks
- to ensure banks can no longer fail
During the Great Depression, in the early 1930s, the public was afraid to put their money into banks, thinking they would fail and take their money with them. The FDIC was created to make sure the public still used banks by creating laws that will not allow banks to take its customers' deposited money.
During the Great Depression, in the early 1930s, the public was afraid to put their money into banks, thinking they would fail and take their money with them. The FDIC was created to make sure the public still used banks by creating laws that will not allow banks to take its customers' deposited money.
During the Great Depression, in the early 1930s, the public was afraid to put their money into banks, thinking they would fail and take their money with them. The FDIC was created to make sure the public still used banks by creating laws that will not allow banks to take its customers' deposited money.
During the Great Depression, in the early 1930s, the public was afraid to put their money into banks, thinking they would fail and take their money with them. The FDIC was created to make sure the public still used banks by creating laws that will not allow banks to take its customers' deposited money.
What is the maximum amount of money that the National Credit Union Association (NCUA) insures in a credit union member's account?
- $75,000
- $500,000
- $250,000
- $1,000,000
Both the FDIC and NCUA only offer insurance to accounts with no more than a quarter of a million dollars in them. Anything higher may not be insured by the credit union, and the customer may need to open a new account.
Both the FDIC and NCUA only offer insurance to accounts with no more than a quarter of a million dollars in them. Anything higher may not be insured by the credit union, and the customer may need to open a new account.
Both the FDIC and NCUA only offer insurance to accounts with no more than a quarter of a million dollars in them. Anything higher may not be insured by the credit union, and the customer may need to open a new account.
Both the FDIC and NCUA only offer insurance to accounts with no more than a quarter of a million dollars in them. Anything higher may not be insured by the credit union, and the customer may need to open a new account.
What Act was signed into law following the 2008 US financial crisis?
- Sarbanes-Oxley Act
- Consumer Protection Act
- Dodd-Frank Act
- Mortgage Insurance Act
Following the 2008 financial crisis in this country, an Act was created, named after two politicians. This new Act is now used to prevent anything like what happened in 2008 from happening all over again.
Following the 2008 financial crisis in this country, an Act was created, named after two politicians. This new Act is now used to prevent anything like what happened in 2008 from happening all over again.
Following the 2008 financial crisis in this country, an Act was created, named after two politicians. This new Act is now used to prevent anything like what happened in 2008 from happening all over again.
Following the 2008 financial crisis in this country, an Act was created, named after two politicians. This new Act is now used to prevent anything like what happened in 2008 from happening all over again.
Which agency focuses primarily on mortgages and student loans?
- Federal Trade Commission (FTC)
- Consumer Financial Protection Bureau (CFPB)
- Consumer Product Safety Commission (CPSC)
- National Highway Traffic Safety Administration (NHTSA)
The Dodd-Frank Act created numerous agencies, one of which was the CFPB, which specializes in protecting consumers, especially from some of the originators of the 2008 US financial crisis.
The Dodd-Frank Act created numerous agencies, one of which was the CFPB, which specializes in protecting consumers, especially from some of the originators of the 2008 US financial crisis.
The Dodd-Frank Act created numerous agencies, one of which was the CFPB, which specializes in protecting consumers, especially from some of the originators of the 2008 US financial crisis.
The Dodd-Frank Act created numerous agencies, one of which was the CFPB, which specializes in protecting consumers, especially from some of the originators of the 2008 US financial crisis.
What is not a criterion when evaluating financial service providers?
- location
- benefits
- technology
- environment
When evaluating criteria for financial service providers, location, emerging technology, etc., should be considered. Keep in mind that financial services do not impact the ecosystem; and that should never be a factor when evaluating financial service providers.
When evaluating criteria for financial service providers, location, emerging technology, etc., should be considered. Keep in mind that financial services do not impact the ecosystem; and that should never be a factor when evaluating financial service providers.
When evaluating criteria for financial service providers, location, emerging technology, etc., should be considered. Keep in mind that financial services do not impact the ecosystem; and that should never be a factor when evaluating financial service providers.
When evaluating criteria for financial service providers, location, emerging technology, etc., should be considered. Keep in mind that financial services do not impact the ecosystem; and that should never be a factor when evaluating financial service providers.
Summary
Questions answered correctly:
Questions answered incorrectly:
