Financial Literacy

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

• True

• False

If you spend more money than is in your account, your bank will charge you a fee.

• True

• False

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

• True

• False

A debit card is basically an electronic check.

• True

• False

Which of the following are financial institutions?

• bank

• museum

• library

• credit union

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

• balance

• transaction

• gross balance

• net pay

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

• True

• False

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

• True

• False

What is the machine called that is used to withdraw money and that is found in shopping centers, in convenience stores, and outside financial institutions?

• GWB (Great Wonderful Bank)

• ATM (Automatic Teller Machine)

• EBT (Easy Bank Teller)

• AMM (Awesome Money Maker)

Which accounts usually pay you interest?

• checking

• banking

• savings

• credit