Financial Literacy Quiz

A quick source of cash is to liquidate savings.

• True

• False

Demand deposits refer to money deposited in savings accounts.

• True

• False

A credit union usually offers a wider range of financial services than a commercial bank.

• True

• False

A savings account with daily compounding will have higher earnings than an account with quarterly compounding.

• True

• False

A CD account is a checking account that earns interest.

• True

• False

The fewest financial services would probably be offered by a(n) ________ company.

• Credit union

• Commercial bank

• Investment (also known as mutual fund)

• Asset management account

The rate of return on a savings account may also be referred to as ________.

• Yield

• APY

• Compounding

• ROSCA

The savings plan requiring a minimum amount is a ________.

• Investment

• Money market account

• Certificate of deposit

• Share account

Debit card transactions are most commonly deducted from funds in a person's ________ account.

• Savings

• Checking

• Money market

• Certificate of deposit