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Financial Literacy Quiz

Authored by Karen Fancher

Business

5th Grade

Used 44+ times

Financial Literacy Quiz
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of available balance?

The amount available in an account for a person, business, or organization to spend

The total amount of personal income prior to taxes and deductions

The income that remains after taxes and other deductions are taken from an individual's gross income

The amount of money collected from the property owner based on the value of a property for the local government

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean to balance a budget?

To reconcile your budget to ensure the amount of income and expenditures are equivalent. Income equals Expenses

A monthly or yearly spending and savings plan for an individual, family, business, or organization

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

Payments using security features on the Internet

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a budget?

The amount available in an account for a person, business, or organization to spend

To reconcile your budget to ensure the amount of income and expenditures are equivalent

A monthly or yearly spending and savings plan for an individual, family, business, or organization

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a check?

The amount available in an account for a person, business, or organization to spend

A monthly or yearly spending and savings plan for an individual, family, business, or organization

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit card?

The amount available in an account for a person, business, or organization to spend

A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

A bank card issued by a financial institution that is electronically linked to an individual's checking account for the purpose of making banking transactions, making payments for services, and/or making purchases

Payments using security features on the Internet

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a debit card?

The amount available in an account for a person, business, or organization to spend

A card that can be used to borrow money from financial institutions, stores, or other businesses in order to buy products and services on credit

A bank card issued by a financial institution that is electronically linked to an individual's checking account for the purpose of making banking transactions, making payments for services, and/or making purchases

Payments using security features on the Internet

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an electronic payment (e-payment)?

The amount available in an account for a person, business, or organization to spend

A monthly or yearly spending and savings plan for an individual, family, business, or organization

Payments using security features on the Internet

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization

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