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Credit Union Basics Flashcards | StudBud
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Credit Union Basics
Credit Union Basics
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Test your knowledge on the fundamentals of credit unions, from their history to core principles
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The Credit Union Movement began in the U.S. in what year?
1908
1934
1920
1895
2
What was the name of the first Credit Union in the U.S.?
Unity Credit Union
St. Mary's Bank
Cooperative Bank of Boston
American Trust Union
3
Which principle supports working with other credit unions to strengthen the movement?
Autonomy and Independence?
Member Economic Participation
Democratic Member Control
Cooperation Among Cooperatives
4
True or False: One of the goals of credit unions is to provide education and promote financial literacy.
True
False
5
Which of the following is NOT one of the 8 Cooperative Principles?
Democratic Member Control
Education, Training, and Information
Profit Maximization
Concern for Community
6
What U.S. Act helped establish federally chartered Credit Union?
Dodd-Frank Act
The Patriot Act
Federal Credit Union Act of 1934
Federal Reserve Act
7
Which principal emphasizes members having a voice and vote in decision making?
Democratic Member Control
Cooperation Among Cooperatives
Autonomy and Independence?
Member Economic Participation
8
What layer of the Credit Union Onion focuses on offering services like savings and loans?
Philosophy
Service Layer
Regulation Layer
Operational Layer
9
True or False: Credit unions are owned by shareholders?
True
False
10
What is at the core (center) of the Credit Union Onion?
Community Service
Members
Low Interest Loans
Financial Literacy
