Respond to the following questions:

Describe the role of the financial services industry by addressing the following:

a$.$ Summarize the purpose of the financial services industry as it relates to conducting personal finance

activities.

b$.$ Explain the difference between a depository institution and a non$-$depository institytion.

c$.$ Describe the difference between a bank, a credit union, and a brokerage firm, and $.$categorize each as

depository or non$-$depository institution.

d$.$ Describe the purpose of deposit insurance provided by a bank and a credit union. Indicate what the

coverage applies and does not apply to and the total dollar amount of coverage provided.

Characterize the types of tools available for conducting liquid asset management by addressing the following:

a$.$ Summarize the purpose of a checking account and its role in conducting liquid asset management.

b$.$ Summarize the purpose of a savings account and its role in conducting liquid asset management.

c$.$ Select one cash management product from a non$-$depository institution other than a checking or savings

account and summarize its purpose and its role in conducting liquid asset management.

Explore the elements and operation of a checking account and a savings program by addressing the following:

a$.$ Describe the elements associated with a checking account by addressing the potential costs, account

ownership types, account procedures, bank statements, and account reconciliation.

b$.$ Describe the elements associated with a savings program by addressing the difference between

compound and simple interest.

c$.$ Describe the difference between a savings account, a certificate of deposit, a Treasury bill, and a savings

bond.