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Duplicate of Financial Literacy Flashcards | StudBud
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Duplicate of Financial Literacy
Duplicate of Financial Literacy
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StudBud Administration
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A Biztown Unit 1 review
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
A credit union is a NOT for profit financial institution that is owned by its members.
False
True
2
What is a balance in terms of banking?
The amount of money you have at a given time.
The amount you get on a paycheck.
3
Which of the following is a financial institution?
Paycheck
Debit card
Safe deposit box
Internet bank
4
What is a transaction?
A business exchange or agreement.
A machine that allows you to take out money
The current amount of money in an account
A company that sells goods or services
5
Which way IS NOT a way to take money out of your account?
Credit card
Debit card
Write a check
ATM
6
When opening a savings account, do you want a HIGHER or LOWER interest rate?
Higher
Lower
7
What is the center of a community's economy?
The bank
The school
Your house
The municipal center
8
What is a loan?
To take out funds from an account.
To put money into an account.
Money borrowed that must be repaid, usually with interest
9
A bank IS backed by the government and is for-profit.
True
False
10
What is the bank account used to pay bills?
Bank Account
Savings Account
I don't have bills
Checking Account
11
Which services will a bank NOT offer?
Savings account
None of these
Debit card
Checking account
12
Which bank account can earn you interest?
Savings
Checking
13
What is an economy?
A system that guides how money is earned and spent.
A not for profit financial institution owned by its members
A for profit financial institution that is backed by the gov
14
You ALWAYS have to sign a deposit slip.
False
True
15
The CFO must endorse every paycheck.
True
False
