Question

1. a credit union is:

a. a for - profit business
b. owned by the federal government
c. a member - owned financial institution
d. only for large businesses

1. a debit card allows a person to:

a. borrow money from the bank
b. pay directly from their checking account
c. write checks electronically
d. earn interest on purchases

1. to deposit money means to:

a. take money out of an account
b. move money between banks
c. put money into an account
d. spend money

1. to endorse a check means to:

a. tear it up
b. sign the back of it
c. cash it at an atm
d. cancel the check

1. an electronic funds transfer (eft) is:

a. a paper check sent by mail
b. a cash - only transaction
c. a computerized movement of money between accounts
d. a loan agreement

1. the federal deposit insurance corporation (fdic):

a. issues credit cards
b. insures deposits at banks
c. makes personal loans
d. sets interest rates

Explanation:

1. Credit unions are member-owned, not for-profit or government-owned, and serve members not just large businesses.
2. Debit cards draw directly from the user's checking account for payments, not borrowing, writing checks electronically, or earning interest on purchases.
3. Depositing money is the action of adding funds to an account, not withdrawing, transferring between banks, or spending.
4. Endorsing a check requires signing the back to authorize processing, not tearing it up, cashing at an ATM, or canceling it.
5. EFT is an electronic, computerized transfer of funds between accounts, not a paper check, cash transaction, or loan agreement.
6. FDIC's core function is insuring bank deposits, not issuing credit cards, making loans, or setting interest rates.

Answer:

1. C. A member-owned financial institution
2. B. Pay directly from their checking account
3. C. Put money into an account
4. B. Sign the back of it
5. C. A computerized movement of money between accounts
6. B. Insures deposits at banks