Financial Literacy Test

It is safer to keep your money in a checking or savings account than to keep it at home.

• True

• False

A checking account is used for big expenses and a savings account is used for everyday expenses.

• True

• False

The amount of money in your account is known as your balance.

• True

• False

Making a deposit is taking money out of your account.

• True

• False

When you use your debit card, the money is taken out of your savings account.

• True

• False

It is important to record all transactions in your checkbook ledger.

• True

• False

When a check is voided the balance does not change in the checkbook ledger.

• True

• False

Banks usually pay interest on checking accounts.

• True

• False

The “memo” portion of a check tells what the check is being used to pay.

• True

• False

A person can check his/her account online by using the routing (RTN) number.

• True

• False