Finance Park Pre-Test

An example of a financial institution is:

• A department store

• A bank

• A school

• An ATM

Who uses financial institutions?

• Adults

• College graduates

• Almost everyone who maintains a savings or checking account uses debit or credit cards, or needs a loan

• Account holders with lots of cash

Identify the incorrect statement:

• A debit card allows for an immediate electronic transfer from a card holders savings or checking account.

• A debit card is essentially a paper check, but doesn't require the processing time a check does.

• A debit card is handy in an emergency when you don't have money to spend.

• A debit card is a pay-now payment type with no grace period for payment.

When lenders lend money to borrowers, they charge an additional fee for the use of their money. This is called:

• Debit

• Stock

• Interest

• Credit

All of the following are an advantage of having a credit card except:

• You can buy-now and pay later.

• You are charged interest on any unpaid balances.

• It allows you to pay for emergencies you might not be able to afford.

• It is a high interest return savings option.

Who pays taxes?

• Most people who have a job.

• Most people who purchase items.

• Most people who own property

• All of these

What are the three main types of taxes?

• Income, Sales and Property

• Unemployment, Sales and Property.

• Federal Income, Unemployment, and State.

• State, Property, and Unemployment.

What is Social Security?

• A private insurance system just for the elderly.

• A free insurance system.

• The amount of money someone has.

• A government system that provides monetary assistance to people with an inadequate or no income

Federal, Social Security, and Medicare are all types of taxes?

• True

• False

The total amount of earnings made each month, after all deductions have been taken out is known as:

• Gross Annual Income.

• Gross Monthly Income.

• Net Annual Income

• Net Monthly Income