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Wise Financial Literacy Exam/ Banks & Banking
Flashcards
19 cards
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Practice quiz
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Questions
19
Answers
1
A demand deposit account on which checks are drawn.
Services and Fees
Savings Account
Check
Checking Account
2
Define money order.
A bank service that covers a shortage in your account
A check used against the bank's funds
The process of adjusting the checkbook register
Type of check used to pay bills etc.
3
A checking or savings account that does not meet minimum usage requirements
inactive account
Safe deposit boxes
low balance account
CD
4
Institutions that give loans.
Co-operative financial institution
Home inventory
Brokerage firms
Credit Union
5
Select all the sources of income.
Money in a savings account
Liability
Interest
Asset
6
A feature offered by banks to keep your checking account from over-drafting.
Checkbook register
Overdraft protection
Check
Pay yourself first
7
Internet banking is
accessing and managing online
Going to the bank to receive the info. that was online
8
Define opportunity cost.
what is given up
needs
what is chosen
wants
9
A timed deposit offered at financial institutions - penalty if cashed before maturity.
Overdraft protection
Health insurance
Time value of money
CD
10
A fixed amount set aside on a regular basis overtime.
Bank Reconciliation
Smart Card
Principal
Annuity
11
Can you repay student loans while in school?
No
Yes
12
Endorsement is a signature written on the back of a check.
True
False
13
If you receive a gift card, how long do you have until it becomes inactive?
12 months
6 months
2 months
2 years
14
What do you do when you Pay Yourself First?
Routing money from paycheck to saving after paying bills
Putting money in your pockets from your check
Routing money from paycheck to saving before paying bills
Buying wants automatically after bills
15
Define Principal:
Sum of money set aside on which interest is paid
Accumulate funds
16
Define stop payment
A check that is not honored by a bank
Instruction to the bank not to honor a check that was issued
17
Define liquidity.
easy to store money
easy to access
18
Define Deposit.
Money added
Money withdrawal
19
Select words that correlate with probability.
Risk
Beneficiary
Self-insured
Likelihood