practice quiz 5 - 1\n1. what are the major categories of financial services?\n2. what financial services are…

practice quiz 5 - 1\n1. what are the major categories of financial services?\n2. what financial services are available through online and mobile systems?\n3. how do changing economic conditions affect the use of financial services?\naction activity: conduct online research regarding the current level of interest rates for savings and loans. what actions would you recommend based on your research?\nchapter 5 saving: banking and financial se

practice quiz 5 - 1\n1. what are the major categories of financial services?\n2. what financial services are available through online and mobile systems?\n3. how do changing economic conditions affect the use of financial services?\naction activity: conduct online research regarding the current level of interest rates for savings and loans. what actions would you recommend based on your research?\nchapter 5 saving: banking and financial se

Answer

Brief Explanations:

  1. Major categories of financial services include banking (deposit - taking, lending), investment services (brokerage, asset management), insurance, and payment services.
  2. Online and mobile systems offer services like mobile banking (checking balances, transferring funds), online investment platforms (stock trading), and mobile payment services (e - wallets).
  3. In a booming economy, demand for financial services like borrowing for investment and expansion may increase. In a recession, people may save more and borrow less. For the action activity, if interest rates for savings are high, it may be advisable to save more. If loan interest rates are high, one may delay borrowing.

Answer:

  1. Banking, investment services, insurance, payment services.
  2. Mobile banking, online investment platforms, mobile payment services.
  3. In a booming economy, borrowing for investment may increase; in a recession, saving may increase and borrowing may decrease. For the action activity, save more if savings rates are high, delay borrowing if loan rates are high.