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Finding Financial Services Review
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A financial institution that provides compensation in case of a disaster or accident
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Insurance Company
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What should your parents do to save for your college education?
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Open a savings account
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What is the primary reason for the expansion of financial services?
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Changes in technology that make more services available
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What is a checking account feature that provides an automatic loan when you spend more than you have in your account?
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Overdraft Protection
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What do credit cards charge?
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Interest
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How do debit cards work?
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Debit cards directly deduct funds from your account
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True/False Online banking provides immediate access to your funds anytime, day or night
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False
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True/False Online banking automatically transfers funds instead of writing checks.
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True
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True/False Online banking can deposit checks automatically into your account.
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True
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True/False Online banking allows you to pay bills anytime, day or night.
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True
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Why do financial service providers charge fees?
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To cover the cost of providing services to their customers
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True/False The best way to build a relationship with a banker is to buy stocks and bonds from him/her.
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False
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True/False The best way to build a relationship with a banker is to open a checking account at his/her bank.
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True
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Who are banks chartered by?
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Both state and federal governments
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True/False If you only have a small amount of money to save, you probably want to buy stocks that are guaranteed to increase your earnings.
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False
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True/False If you only have a small amount of money to save, you probably want to open a savings accounts at your local bank or credit union.
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True
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True/False The best way to protect your coin collection is to get a safety deposit box at your bank.
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True
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True/False The best way to protect your coin collection is to buy an insurance policy.
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False
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Who is a person who assists others in buying investments such as stocks and bonds?
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Stock Broker
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Where can you get cash on the weekend?
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ATM
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Where does the cash come from when you are using the ATM?
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Your Checking Account
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What allows you to move money from your savings account when your checking account is too low to cover your paymen?
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Overdraft Protection
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True/False A bank specializes in home loans.
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False
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What company specializes in home loans?
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Mortgage Company
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True/False One of the costs associated with using a debit card is that you are charged interest on your purchases.
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False
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True/False One of the costs associated with using a debit card is that you can overspend by borrowing too much money.
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False
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One of the cost associated with using a debit card is that your spending is limited by the amount of interest you earn on your account.
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False
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One of the costs associated with using a debit card is that your spending is limited to the amount of money in your account.
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True
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True/False The primary purpose of a savings account is to assist with financial transactions.
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False
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True/False The primary purpose of a checking account is to allow you to buy now and pay later.
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False
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True/False The primary purpose of a checking account is to assist with financial transactions.
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True
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A career focused on buying newly created stocks in the primary market
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Investment banker
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