Banks
What is the main purpose of a bank?
To manage money and provide financial services.
What is a credit union?
A member-owned financial cooperative.
What is a building society?
A financial institution that offers savings and mortgage services.
What is an insurance company?
A company that provides protection against financial losses.
What is the term for borrowing money that must be repaid with interest?
A loan.
What is one service that banks offer to help people save money?
Savings accounts
How is a credit union different from a bank?
It is owned by its members and often has lower fees.
What is the main purpose of a building society?
To help people buy homes.
What is one type of insurance that people buy for their cars?
Car insurance
What is the term for the ability to borrow money or access goods/services with a promise to pay later?
Credit.
What do banks provide to people who need money for a house or car?
Loans.
What is one service that credit unions offer?
Savings accounts or loans.
What is one service that building societies offer?
Mortgages.
What is the term for the regular payments made to an insurance company?
Premiums.
What is the term for the practice of saving money and using resources carefully?
Thrift.
What is the term for the money banks pay you for keeping your money in a savings account?
Interest
Why do credit unions often have lower interest rates on loans?
Because they are not-for-profit organizations.
How is a building society different from a bank?
It focuses more on home loans and community services.
Why do people buy health insurance?
To cover medical expenses.
What is the term for the money paid to a bank or credit union for borrowing money?
Interest.
What is one way banks help businesses grow?
By providing business loans or investment services.
What is one benefit of joining a credit union?
Lower fees or better interest rates
What is one way building societies help the community?
By providing affordable home loans.
What is one benefit of having insurance?
Financial protection against unexpected events.
What is the term for a financial arrangement that provides protection against risks?
Insurance.