Economics Unit 5 Quiz 2

Which financial institutions are owned by stockholders and exist to make a profit?

Investment banks, savings and loan associations, and commercial banks.

once a year

annual

another name for savings and loan association, originally built to assist first-time home-buyers

building and loan association

Oxford was started to fill a need that commercial banks were overlooking: individuals who wanted to ___________

buy a home

Traveler's checks function almost like _____.

cash

A _________ means, in effect, that the people cooperate in order to make the institution a success.

cooperative

A ___________ is a joint economic activity that is owned and operated by those who use its services.

cooperative

credit union is a __________ financial institution.

cooperative

a financial cooperative that provides loans to its members at lower rates of interest

credit union

The amount of the traveler's check, such as $10 or $20, is the:

denomination info

A paycheck is electronically transferred into the depositor's account without the depositor having to come to the physical location of the credit union office. This is called a:

direct deposit

paying on a regular basis at a set time each month or parts of a year

installment payments

SLAs pay earnings in regular __________ to their members, but continue to finance homes and charge interest

installments

"Not for _______ , not for charity, but for ______ " is a credit union motto.

profit, service

There may be fees for cashing ______ checks.

traveler's

________ serve groups of people that share something in common, such as residing in the same community.

Credit unions

The housing industry depends on the ______ for continued growth.

SLA

_____ are institutions that give fewer products than a bank would, but make up for it by giving better returns on the money put into their accounts.

SLA

four times a year

quarterly

twice a year

semi-annual

Under the __________, your lost or stolen traveler's checks are replaceable when you provide the refund office the serial numbers and exactly which checks you have cashed and lost.

serial registration

one of the equal parts divided up by a corporation

share

Anyone wanting to join should see if their employer _________ a credit union.

sponsors

loans that are assisting non-commercial purposes; they are helping people buy houses

residential mortgage loan

institutions that give less products than a bank would, but make up for it by giving better returns

savings and loan

If you vacation to foreign countries, it is usually best to purchase traveler's checks in ________.

U.S. Dollars

form of savings and loan; found new ways of financial assistance rather than closing

Serial association

The Oxford Provident Building Association was the first ________ to form in America.

savings and loan associations