TEST #3 REVIEW
 ALL CHAPTER 5 VOCABULARY
 TRUE/FALSE QUESTIONS FROM FIRST DAY
 FINANCIAL INSTITUTIONS
 WHAT IS THE DIFFERENCE BETWEEN A DEBIT CARD
AND AN ATM CARD
 WHAT ARE THE REQUIREMENTS TO OPEN A CHECKING
ACCOUNT?
 WHAT ARE THE MAJOR STEPS TO WRITING A CHECK?
 WHAT ARE THE PROCEDURES OF KEEPING A
CHECKBOOK REGISTER?
 WHAT IS THE MAIN DIFFERENCE BETWEEN SIMPLE
INTEREST AND COMPOUND INTEREST?
 APPLY TO RULE OF 72 TO EXAMPLES
 WHAT IS THE FDIC? WHY WAS IT CREATED?
 WHAT IS THE FEDERAL RESERVE SYSTEM?
 HOW MANY FEDERAL RESERVE BANKS ARE THERE IN
THE UNITED STATES?
 WHAT IS THE MEANING OF THE TERM MONETARY
POLICY?
 WHAT ARE THE MAJOR ROLES OF THE FEDERAL
RESERVE?
 WHAT IS A BANK RESERVE REQUIREMENT?