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Banking Basics Answers

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1
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Date

s
subtract a fee from the video game purchase
a
add a deposit for the ATM fee
c
correct an overcharge in lunch money
a
add the ATM fee to the Payments column
2
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What’s the first step of purchasing insurance?

c
contacting a company or an agent
s
signing a contract with a company
s
shopping around for the best deal
r
receiving proof of an insurance policy
3

Read what President Bill Clinton said about interest rates in his 1996 State of the Union address."Lower interest rates have made it easier for businesses to borrow and to invest and to create new jobs. Lower interest rates have brought down the cost of home mortgages, car payments, and credit card rates to ordinary citizens.”—President Bill Clinton, January 23, 1996

L
Lower interest rates lead to higher prices for goods.
L
Lower interest rates do not help the economy improve.
L
Lower interest rates lead to more spending and more jobs.
L
Lower interest rates are better for businesses than for citizens.
4

Anika wants to eat products that contain less sugar. So, she studies nutrition labels like this one to decide what to buy.

Question illustration
N
Nutrition advocates add the information to product packaging.
F
Food companies provide these details to comply with local laws.
F
Food companies decide on their own to provide the information.
F
Federal laws require this information to help inform consumers.
5

How are digital wallets different from Peer-to-Peer (P2P) systems for in-person payments?

D
Digital wallets need internet at the point-of-sale, but P2P does not.
D
Digital wallets can pay at point-of-sale systems, but P2P cannot.
P
P2P payments can directly debit bank accounts, but digital wallets cannot.
P
P2P payments need a card swipe at point-of-sale, but digital wallets use contactless.
6

Fewer than 10 companies own 90 percent of all media companies. How does this affect the influence these companies have on public opinion and policy?

I
It increases the number of people the media can reach.
I
It reduces the number of perspectives that shape opinions.
I
It reduces the amount of influence the media has on public opinion.
I
It increases the variety of viewpoints the public receives on issues.
7

Which form of government insurance provides assistance to people who cannot work due to age or disability?

M
Medicare
s
social security
u
unemployment insurance
w
workers’ compensation insurance
8

Which form of government insurance provides assistance to people who become injured on their jobs?

M
Medicare
s
social security
u
unemployment insurance
w
workers’ compensation insurance
9

Read the scenario.A media group is creating a podcast on vaccine safety. They have a list of medical doctors and vaccine researchers they can interview for the podcast. Most people on the list support vaccines and consider them safe and effective. A few doctors on the list are cautious about vaccine overuse, and two doctors are known to be against vaccinating children. The media group decides to interview the two doctors who oppose vaccinating children. The finished podcast is supportive of the

T
The media group is monitoring events and activities.
T
The media group is choosing which sources are used.
T
The media group is exposing questionable actions.
T
The media group is acting as the “fourth branch of government.”
10

How does the Energy Star program help consumers?

I
It requires products made in the United States to be energy efficient.
I
It tells whether products are made with eco-friendly materials.
I
It provides information on any hazardous materials in a product.
I
It indicates the environmental impact of using certain products.
11

How are online banking and E-checks similar?

B
Both need customers to go to a physical place to finish a transaction.
B
Both use the same banking systems as regular checks.
B
Both move money electronically without using cash or checks.
B
Both are not secure so transactions are recorded on a physical ledger.
12

best

M
Mitchell buys insurance to protect his new stereo system.
C
Carmen gets insurance to cover a car she recently inherited.
L
Lee buys insurance to protect her home after crime rates go up.
J
Jake gets insurance after his dog ruins a neighbor’s yard.
13

Read the scenario.Mia is a college student who often travels between cities. She needs to open a checking account.Why would Mia prefer a bank that provides online and mobile banking services?

f
for the ability to manage her account on the go
t
to receive higher interest rates on large deposits
f
for the convenience of visiting a physical bank
t
to take advantage of digital budgeting tools with the apps
14

Read the scenario.Amelia is an investigative journalist who often works on sensitive topics and needs to keep her sources' identities secret. She travels a lot and needs to handle her money in different currencies without attracting attention, especially in countries with strict financial monitoring.Why does Amelia choose to use digital currency for her transactions?

I
It doesn't need internet access.
I
It keeps her transactions more private.
I
It always keeps the same value.
I
It is the only method she can use in every country.
15

best

t
the money that a bank pays as interest to depositors on their savings accounts
t
the percentage that compares a bank’s deposits to its loans in a given period of time
t
the total amount that a bank branch can provide to borrowers as a business or personal loan
t
the percentage that compares the amount of interest paid to a bank to the amount given as a loan

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