Biztown Test Review

Which of the following is an example of a financial institution?

• a credit card

• a checking account

• a bank

• a safe deposit box

The amount you have left over from your paycheck after taxes and deductions are withheld is called....

• balance

• gross balance

• transaction

• net pay

When is the only time that you will sign a deposit ticket?

• when you fill in the less cash received section

• if the amount you're depositing is over $500.00

• you always sign your deposit ticket

• when you forget to bring your driver's license into the bank

Which of the following is NOT a service offered by banks?

• savings accounts

• safe deposit boxes

• reimbursement of cash if lost

• credit cards

What is the difference between a debit card and a credit card?

• A debit card is used when you can spend money but have to pay it back at the end of the month with interest. A credit card is used when you can spend money and it comes automatically out of your bank account.

• A debit card is used when you can spend money and it comes automatically out of your bank account. A credit card is used when you can spend money but have to pay it back at the end of the month with interest.

• A debit card is used when you can spend a set amount of money but once that money is spent, you can't use it anymore.

• A debit card is used when you have to call the bank every time you want to add money to your card. A credit card has an endless amount of money on it.

What does it mean if there is scarcity of an item?

• the item is unavailable

• the item is not in high demand at that moment

• the item is in very high demand and is expensive

• the item is in low demand and cheap to purchase

You're at Target and see a new movie, a pair of shoes, and a bag of candy that you want to buy. You think the items total will be around $40.00. Before you go to the cash register to pay for your items, you must check your ______________.

• your check book to make sure you have a check

• transaction

• deposit

• balance

Where must you record all of your bank transactions?

• on a deposit ticket

• in the transaction register

• on a sheet of notebook paper

• on the bank website

What is the definition of circular flow economy?

• A model of the movement of goods, services, resources, and money in an economy.

• The exchange of money, goods, and services in a market economy.

• A system in which economic decisions are made in markets by people and businesses, with little to no government interference.

• Work that is done for others, such as getting your haircut or your oil changed.

What is it called when your place of business automatically puts your paycheck into your bank account?

• direct balance tracking

• deposit transaction

• direct deposit

• credit