Primary 4 Social and Citizenship Studies Flashcards: Meaning and Components of the Financial System

Question 1

What is financial system?

Accepted Answer

institutions and arrangements that help money move, save and support payments

Question 2

Which concept or safe response matches this situation: Banks, payment services and markets connect savers and users of money.

Accepted Answer

financial system

Question 3

What is bank?

Accepted Answer

a regulated institution that keeps money and provides financial services

Question 4

Which concept or safe response matches this situation: A customer deposits savings and later withdraws them safely.

Accepted Answer

bank

Question 5

What is central bank?

Accepted Answer

the institution that manages a country’s currency and monetary system

Question 6

Which concept or safe response matches this situation: Nigeria’s apex bank helps maintain the national money system.

Accepted Answer

central bank

Question 7

What is commercial bank?

Accepted Answer

a bank serving individuals and businesses with accounts and loans

Question 8

Which concept or safe response matches this situation: A trader opens an account for daily business payments.

Accepted Answer

commercial bank

Question 9

What is savings?

Accepted Answer

money kept for future use

Question 10

Which concept or safe response matches this situation: A pupil sets aside part of a gift instead of spending it all.

Accepted Answer

savings

Question 11

What is deposit?

Accepted Answer

money placed into an account

Question 12

Which concept or safe response matches this situation: A customer pays cash into a bank account.

Accepted Answer

deposit

Question 13

What is withdrawal?

Accepted Answer

money taken out of an account

Question 14

Which concept or safe response matches this situation: An account holder collects part of the saved balance.

Accepted Answer

withdrawal

Question 15

What is payment system?

Accepted Answer

a method or network used to transfer money

Question 16

Which concept or safe response matches this situation: A buyer pays through a bank transfer or card network.

Accepted Answer

payment system

Question 17

What is financial institution?

Accepted Answer

an organisation that provides money-related services

Question 18

Which concept or safe response matches this situation: A bank or regulated cooperative helps customers save or borrow.

Accepted Answer

financial institution

Question 19

What is financial literacy?

Accepted Answer

knowledge and skills for making sound money decisions

Question 20

Which concept or safe response matches this situation: A pupil compares needs and wants before spending.

Accepted Answer

financial literacy

Strong work.