Savings/Credit Quizzes-What does "FDIC" mean?

Answer to Quiz

What does "FDIC" mean?

Answer: (b), Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) insures deposits in banks and thrift institutions, assuring bank customers that their savings and checking accounts are safe. Insurance typically covers $100,000 on deposit with a bank or thrift institutions.

Next Quiz:

Which of the following is correct with respect to bank savings accounts:

(a) Bank savings account are not taxable
(b) Banks savings account are not generally insured by the FDIC
(c) Banks savings accounts traditionally provide a lower interest rate compared to long term certificates of deposit
(d) You must be at least 21 to have a bank savings account

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