Financial Literacy 2

Question 1

A Credit union is a financial institution that is owned and controlled by its members?

Accepted Answer

True

Question 2

A financial institution is a company that provides and manages money transactions such as deposits, loans, ect?

Accepted Answer

True

Question 3

Which is not considered a financial institution?

Accepted Answer

Financial Advisor

Question 4

Financial Literacy in Math is important

Accepted Answer

Yes, Of course!

Question 5

Which of the following is NOT a common payment method?

Accepted Answer

Interest

Question 6

Pro: Access money you haven't earned Con: Interest if not paid back within 30 days

Accepted Answer

Credit

Question 7

Saving accounts are meant for day-to-day banking?

Accepted Answer

False

Question 8

Commercial banks provide services for individuals?

Accepted Answer

False

Question 9

You're at the grocery store, which account are you most likely to use for your purchase

Accepted Answer

Chequing

Question 10

A more outdated method of payments

Accepted Answer

Cheque

Question 11

Which is not a method of payment?

Accepted Answer

Telling your friend you will pay them

Question 12

Most stores, like Walmart, let you pay by Etransfer.

Accepted Answer

False

Question 13

Cheques are only used by businesses?

Accepted Answer

False

Question 14

Which does not belong? Fees can be charged...

Accepted Answer

Bi-weekly

Question 15

Which is not a type of loan?

Accepted Answer

Dental loan

Question 16

You're starting a new business and need money to cover start up costs. What service do you need from the bank

Accepted Answer

Loan

Question 17

A new pair of skis is considered a Goods

Accepted Answer

True

Question 18

A bank lends you money for a loan do you pay interest?

Accepted Answer

True

Question 19

Credit unions offer generally higher rates in savings accounts than banks?

Accepted Answer

True

Questions 19