Banzai Financial Literacy Vocabulary Quiz

What is the purpose of a budget?

• To withdraw cash from a checking account

• To decide the amount of money to spend and how it will be spent

• To make purchases and pay for them at a later date

• To cover medical illness or injury

What is the function of a debit card?

• To make purchases with funds directly from a checking account

• To withdraw cash from a checking account

• To cover medical illness or injury

• To decide the amount of money to spend and how it will be spent

What is the definition of a cleared check?

• A record of all deposits to and withdrawals from a checking account

• A fee charged to your account when you spend more money than you have

• An order to pay another person an amount of money from your account

• When money has transferred from the account of the payer to the payee

What does the term 'overdraft' refer to?

• An order to pay another person an amount of money from your account

• A plan used to decide the amount of money to spend and how it will be spent

• Credit extended from a financial institution when an account has insufficient funds

• A product offered by a company promising to protect you from specific financial risks

What is the purpose of renters insurance?

• Covers your personal property in a rented apartment or home

• Account for storing or saving money with limited withdrawals

• Protects against losses to property and injuries to people in a car accident

• A way to balance your account records with your bank or credit union

What is the purpose of a savings account?

• To make purchases with funds directly from a checking account

• To cover medical illness or injury

• Account for storing or saving money with limited withdrawals

• To decide the amount of money to spend and how it will be spent

What is the function of a credit card?

• To make purchases with funds directly from a checking account

• To make purchases and pay for them at a later date

• To cover medical illness or injury

• To decide the amount of money to spend and how it will be spent

What is the function of a check?

• To make purchases with funds directly from a checking account

• To withdraw cash from a checking account

• An order to pay another person an amount of money from your account

• To decide the amount of money to spend and how it will be spent

What does the term 'interest rate' refer to in banking?

• A fee charged to your account when you spend more money than you have

• The percentage cost of borrowing money from someone else.

• Credit extended from a financial institution when an account has insufficient funds

• A product offered by a company promising to protect you from specific financial risks

What is the purpose of a loan?

• To make purchases with funds directly from a checking account

• To cover medical illness or injury

• Borrowing money with the promise to repay it, often with interest

• To decide the amount of money to spend and how it will be spent