Biz Quiz 2 - Financial Literacy

Question 1

A direct deposit is when you take your paycheck directly to the bank after you receive it.

Accepted Answer

False

Question 2

What is the amount of money deposited into an account minus any cash received?

Accepted Answer

net deposit

Question 3

You can continue to write checks as long as you have checks in your checkbook

Accepted Answer

False

Question 4

Which of the following are financial institutions?

Accepted Answer

bank, credit union

Question 5

What is the important thing to remember about a savings account?

Accepted Answer

All 3 are important

Question 6

What is a card that allows customers to electronically withdraw funds form their accounts?

Accepted Answer

debit card

Question 7

Why do banks offer different kinds of accounts?

Accepted Answer

They need to earn money, They want people's business, Different customers have different needs, There are many types of clients

Question 8

All bank transactions should be recorded in the register

Accepted Answer

True

Question 9

What is a booklet for recording deposits into or withdrawls from a checking account?

Accepted Answer

check register

Question 10

Credit cards and debit cards are essentially the same thing.

Accepted Answer

False

Question 11

What are written orders to a bank to pay money from a checking account to another person?

Accepted Answer

checks

Question 12

What is a business that provides money related services?

Accepted Answer

financial institution

Question 13

Which services is a bank likely to offer?

Accepted Answer

savings account, online banking

Question 14

What is a card that allows the holder to buy goods and services by taking out a loan?

Accepted Answer

credit card

Question 15

When depositing money into an account it is important to:

Accepted Answer

include your account number

Question 16

What is an account used to hold money that is not needed right away?

Accepted Answer

savings account

Question 17

What is money borrowed by someone that must be repaid, usually with interest?

Accepted Answer

loan

Question 18

What is an account that allows the owner to write checks against deposited money?

Accepted Answer

checking account

Question 19

What are written records that show how much money was put into a checking account?

Accepted Answer

deposit ticket

Question 20

The amount left over from your paycheck after taxes and deductions is called:

Accepted Answer

net pay

Question 21

What is a fee received for the use of money?

Accepted Answer

interest

Question 22

What does it mean to write your signature on the back of a check?

Accepted Answer

endorse

Questions 22