Banking Quiz

What percentage of American adults are either unbanked or underbanked?

• 10%

• 35%

• 22%

• 50%

What is the primary concern for 29.2% of unbanked households?

• Lack of access to credit

• High-interest fees

• Fees or minimum balance requirements

• Difficulty building an emergency fund

What is the biggest issue with using prepaid cards instead of credit cards?

• Monthly fees

• Inability to build credit history

• Limited acceptance at retailers

• High activation fees

According to the Financial Health Network, how much did unbanked and underbanked Americans spend in fees and interest on financial products in 2018?

• $250 billion

• $189 billion

• $300 billion

• $100 billion

What is one of the indirect costs that unbanked and underbanked households face?

• Time costs

• High-interest fees

• Lack of access to credit

• Difficulty building an emergency fund

What is one of the benefits of modern banking mentioned in the text?

• Limited access to savings accounts

• Lower interest rates

• Access to financial technology

• Higher fees

What is the biggest reason for remaining unbanked according to the text?

• Lack of trust in banks

• High fees associated with bank accounts

• Difficulty in building an emergency fund

• Limited access to traditional financial services

What is the main issue with keeping money in cash at home?

• Risk of theft

• Limited access to savings

• High fees

• Inability to build credit history

What is one of the challenges faced by unbanked individuals in accessing and using money?

• Time costs

• Limited acceptance at retailers

• High activation fees

• Inability to build credit history

What is a common disadvantage of being unbanked?

• Increased access to financial technology

• Difficulty in building an emergency fund

• Lower interest rates

• Increased trust in banks