LUOA Personal Finance Module 2 2023 Exam Questions and Answers

LUOA Personal Finance Module 2 2023 Exam Questions and Answers What are the three main types of financial institutions available for helping you manage you finances? - Answer-banks, credit unions, and thrifts Choose all statements that describe a "bank." - Answer--invests in capital markets to make money for the institution as well as its customers -accepts deposits to accounts -regulated by the government -a financial institution -charges fees and interest to pay administrators and stock holders Choose all statements that describe a "credit union." - Answer--not for profit -a financial institution -profits and surpluses go to pay administrators and for services for members -member owned -provides services only to its members -accepts deposits to accounts like a bank Choose all statements that describe a "thrift." - Answer--a financial institution -mutually held corporations with decisions made by depositors and borrowers -limited by law as to the amount of assets that can be used for commercial loans -also known as a savings and loans association -specializes in making money off mortgages and personal loans to its members