Finance Park - Pre/Post Quiz

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/credit cards, or needs a loan

• Only people with lots of money $$$

Identify the INCORRECT statement:

• A debit card allows for an immediate electronic transfer from a card members 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 the money to spend.

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

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

• Debit

• Stock

• Interest

• Credit

Which of the following is NOT an advantage of a credit card:

• Doesn't require immediate funds

• It provides a "Buy now, but Pay later" purchase type

• It allows you to cover emergency costs that you may not be able to afford at that moment.

• It's not real money if you buy things with a credit card so you don't have to pay it back

Who pays taxes?

• Most people that have a job

• Most people who purchase things

• Most people who own property

• All of the above

What are the 3 main types of taxes?

• Income, sales, and property

• Unemployment, Sales, and Property

• Federal Income, unemployment, and State

• State, property, and luxury

What is Social Security?

• A Private insurance system just for the elderly

• A free insurance system

• The total amount of money someone has

• None of the above

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