Why should you Pay Yourself First (PYF) when you receive money?

because it helps your savings grow

What is the purpose of a paycheck?

to give you money in exchange for work

What does a savings account allow you to do?

have money on hand for unexpected expenses or emergencies

How does your money increase in a savings account?

The bank pays because it uses your money for other investments.

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Financial Literacy Quiz

23 termsStudBud Administration43 plays

Test your knowledge on financial institutions, banking services, personal finance, and economic concepts in this engaging quiz.

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Questions 23

Answers

1
Which action is required when depositing money into an account?
sign your deposit ticket
swipe your credit card
include your account number
list your income
2
Why should you Pay Yourself First (PYF) when you receive money?
because it helps your savings grow
because it keeps track of your money
because it will help banks make more money
because it is easy
3
You need to mail a payment to your credit card company because the online site is down. What's the best form of payment?
cash
credit card
check
debit card
4
What is the purpose of a paycheck?
to be sure you have money
to keep track of your withdrawals
to give you money in exchange for work
to show proof of income
5
Which bank service do you need for money to start a new store?
business loan
savings account
electronic payment
safe deposite box
6
Which is a responsible action to make with your money?
give it all away
spend it
barter it
track it
7
What right does the U.S. Constitution protect?
right to be responsible
right to a bank account
right to endorse your paycheck
right to keep private property
8
Which term describes why people cannot have everything they want because of a limited resource?
scarcity
endorsement
institutions
economy
9
Which is a financial institution?
clothing and food shops
banks and credit unions
libraries and schools
credits and debits
10
Where do you endorse a paycheck?
after "Pay to the Order of"
in the memo section
in the money tracker/check register
on the back of the check
11
What would tell you how much money is in your bank account?
balance
personal check
transaction
certificate of deposite
12
What is required on a bank application?
checkbook number
health ID numberr
full name
transaction list
13
What does a savings account allow you to do?
have money on hand for unexpected expenses or emergencies
use a money tracker
get money out of the bank
have more spending money now
14
Who protects the money in a bank's accounts?
the government
a private security company
you
your parents
15
How does your money increase in a savings account?
It grows by sitting in the bank account.
Your money is multiplied by. other people's money.
Your account grows more due to a govenment-set rate
The bank pays because it uses your money for other investments.
16
Where does the money come from when you use a debit card to buy groceries?
your bank account
your certificate of deposite
the credit company
the government
17
What happens when you have insufficient funds in your bank account?
electronic payment
high fee
record transaction
required withdrawal
18
Which type of institution is at the center of JA BizTown's economy?
educational
social
fnancial
entrepreneurial
19
Which services is a bank likely to offer?
balance and net deposit
advertising and Web services
time management
savings and checking accounts
20
What do you need to make an electronic payment?
balance and credit
debit card and your phone number
account number and your name
account number and current date
21
Making an electronic payment is one of several ways to do what?
check your bank balance
use a savings account
record a transaction in your money tracker
get money out of the bank
22
What is private property?
property that no one can see
property that you own
property that the government owns
property that is free
23
Which part of the money tracker do you write in to record the amount when adding money into your bank account?
description
deposit
withdrawal
balance

Financial Literacy Quiz Flashcards | StudBud