BizTown Financial Literacy Assessment

Which of the following are financial institutions?

• bank

• library

• credit union

• museum

Which services is a bank likely to offer?

• balance

• savings account

• online banking

• museum

The amount left over from your paycheck after taxes and deductions are withheld is called_____.

• balance

• gross balance

• transaction

• net pay

You can continue to write checks as long as you have checks in your checkbook.

• true

• false

All bank transactions should be recorded in the register.

• true

• false

A direct deposit is when you take your paycheck directly to the bank after you receive it.

• true

• false

Credit cards and debit cards are essentially the same thing.

• true

• false

Which is required when depositing money into an account?

• include your account number

• thank the teller

• swipe your credit card

• sign your deposit ticket

Banks offer different kinds of accounts because:

(a)  

Choose the answer that is NOT important to remember about saving and savings accounts.

• The higher the interest rate the more money you will earn.

• The bank with the best logo is usually the best place to save.

• The longer your money is saved, the more money you will have for your needs and wants.

• The more you add to your savings, the faster your money will increase.