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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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#FinancialLiteracy
Flashcards
36 cards
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Questions
36
Answers
1
The first think you should consider w/ your spending account should be the different...
Expenses
Goals
Both of these
2
Which type of bank is most widely used?
Credit Union
Virtual Banks
Commercial
Brokerage firm
3
It is important to keep your own ____ so you have an accurate idea of your checking balance.
Register
Receipt book
4
Which goal best describes something you can achieve in more than 5 years?
Future goals
Long term goals
Intermediate goals
Short term goals
5
To be able to create an action plan for your goals you need to know how much each ___ will cost
Bill
Priority
Goal
Expense
6
When you handle your money in an __ way, it is easier for you to set aside money for your goals
Careless
Short term
Compulsive
Organized
7
The bank requires a copy of your ID and social security card to open a new account.
True
False
No idea
8
When your money is ___ ____ an employer deposits your pay check into your account.
Indirect deposit
Credit account
Direct debit
Direct deposit
9
When opening a new account, you are most likely to deal with with member?
New accounts manager
Inside bank teller
Online application
Loan officer
10
Which goal best describes something you can achieve in less than 12 months?
Future goals
Long term goals
Intermediate goals
Short term goals
11
Which of the following is an acceptable form of a photo ID?
All of these
Student ID
Senior picture
Birth certificate
12
The better you ___ your goals, the better you can incorporate them in your spending plan.
Identify
Save
13
Which of the following identification can you take for your tax ID?
Birth certificate
Marriage license
Driver's license
Social security card
14
Putting your money into a _____ account & having a good spending plan will help you save $.
Savings
Mature
Investment
Income
15
You should keep all deposit receipts as wall as receipts for purchases until what happens?
Reconciliation process
Opening balance process
Budget process
Tax time
16
Why is the closing date listed at the top of your statement important?
It provides you with a cutoff date for transactions
Provides a way to organize your files
Lets you know if you have closed the account
Provided so the bank will know when the statement was mailed
17
Banks make their money by charging _____ for the services offered.
High amounts
Fees
Minimum balance
18
Your goal in developing a ____ _____ is to be able to pay all of your expenses each month.
Investment plan
Monthly budget
Savings budget
Spending plan
19
The members of a credit union get a ______ each year of any profit made during the year.
Check
Deduction
None of these
Pay out
20
Which of the following is the first step step in developing your goals?
Determine you personality
Develop a plan of action to achieve your personal goals
Identify your personal goals
Prioritize your personal goals
21
Which of the following is NOT an item to take with you when opening a new account?
Photo ID with signature
Money to deposit
Tax ID card
Proof of another bank account
22
The first section of your spending account should be...
All of these
Budget
Expenses
Income
23
Whenever you use a _____ card your money is withdrawn immediately.
Debit
Credit
24
Which of the following should not be considered when choosing a bank?
Fees required
Services offered
Location to your home/work
Size of bank
25
Who can sign up for online banking and a debit card?
Customers
President of the bank
Accounts manager
Bank tellers
26
A ___ bank is on of the most widely recognized bank institutions.
Credit Union
Commercial
Non-profit
Brokerage
27
Which goal can you achieve in more than 12 months, but less than 5 years?
Future
Long term goals
Short term goals
Intermediate goals
28
Which of the following is NOT one of the main components of a bank statement?
Listing of withdrawals made during previous month
Opening balance
Listing of deposits made during previous 3 months
Closing/ending balance
29
Which type of bank has customers who are also the owners?
Brokerage firms
Virtual bank
Credit Union
Commercial
30
Why do stores intentionally put small and inexpensive items near the checkout?
To allow more room for shoppers in the store
So shoppers will have something to look at while in line
To allow less clutter in the aisles
So shoppers will buy without thought
31
To open a bank account you need to have a deposit in the form or cash or money order.
True
False
32
What is the purpose of providing a bank statement to a customer?
To help the customer see his/her budget
To provide a snapshot of activity during a specific time
To provide tax info throughout the year
To make sure the customer didn't withdrawal the incorrect $
33
When opening an account you must have what type of ID?
All of these
Driver's license
Passport
Social Security Card
34
____ _____ are owned by it's members and is a non-profit organization.
Brokerage firms
Commercial bank
All of these
Credit Union
35
The opening balance of your most recent statement should equal which of the following?
No balance should equal the opening balance
Closing balance of your last statement
Closing balance of your next statement
Opening balance of your next statement
36
_____ banks do not have a physical locations to do your banking.
Credit Union
Virtual
Commercial
