[Objective 1]
Analyze factors that affect the selection and use of financial services. Financial products such as savings plans, checking accounts, loans, trust services, and electronic banking are used for managing daily financial activities. Technology, opportunity costs, and economic conditions affect the selection and use of financial services.

[Objective 2]
Compare the types of financial institutions. Commercial banks, savings and loan associations, mutual savings banks, credit unions, life insurance companies, investment companies, finance companies, mortgage companies, pawnshops, and check-cashing outlets may be compared on the basis of services offered, rates and fees, safety, convenience, and special programs available to customers.

[Objective 3]
Compare the costs and benefits of various savings plans. Commonly used savings plans include regular savings accounts, certificates of deposit, money market accounts, money market funds, and U.S. savings bonds.

[Objective 4]
Identify the factors used to evaluate different savings plans. Savings plans may be evaluated on the basis of rate of return, inflation, tax considerations, liquidity, safety, restrictions, and fees.

[Objective 5]
Compare the costs and benefits of different types of payment accounts. Electronic payment methods include debit card transactions, online payments, stored-value cards, and smart cards. Regular checking accounts, activity accounts, and interest-earning checking accounts can be compared with regard to restrictions (such as a minimum balance), fees and charges, interest, and special services. Other payment alternatives include certified checks, cashier's checks, money orders, and traveler's checks.