Economics/Financial Literacy Test

An example of a financial institution is:

• An ATM

• A School

• A Bank

• A Police Station

Who uses financial institutions?

• Adults

• Everyone who maintains a savings or checking account

• College graduates

• Account holders with a lot of money

Online banking is when you just bank solely on the internet?

• True

• False

Identify the incorrect statement:

• Debit card allows an immediate electronic transfer savings

• A debit card is handy in an emergency when you don't have $

• Debit card is a paper check

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

What are checks?

• IOU'S

• Special bank paper

• Tickets

• Letters

Your pin number is a 4 digit code that gives you an extra level of protection to your card.

• True

• False

A check is a formal document.

• True

• False

A bank is a _____ institution while a credit union is a _____ institution.

• For profit/ For profit

• Not for profit/ For profit

• Not for profit/ Not for profit

• For profit/ Not for profit

Internet banking means using a bank branch to make deposits and withdraws.

• True

• False

Lenders use credit agencies to determine:

• An applicant's credit score

• Whether an applicant has any outstanding debts or defaults

• An applicant's credit history

• All of the above