BizTown Financial Literacy Test - Part 1

Which of the following is a financial istitution?

• library

• city hall

• museum

• credit untion

True or False: A bank is a financial institution.

• true

• false

An account that allows you easy access to your money through a debit card, atm, or checks is called...

• credit union

• savings account

• checking account

• personal loan

Which is required when you deposit money into your account?

• a signed deposist slip

• your account number

• a gift for the bank teller

• swipe your credit card

What is your net pay?

• the amount of your paycheck before all taxes and deductions are taken out

• the amount of your paycheck after all taxes and deductions are taken out

You can continue to write checks as long as you have checks in your checkbook. True or False

• true

• false

What is a direct deposit?

• When you receive your paycheck, you take the check directly to the bank to deposit

• Your job deposits your paycheck directly into your account electronically

All transactions should be recorded in your bank register. True or False

• True

• False

How are credit cards and debit cards different?

• they are exactly the same

• a credit card is a loan, while a debit card deducts money directly from your checking account

• a credit card allows you to purchase gas only

• a debit card is a loan, while a credit card deducts money directly from your checking account

Why do banks offer different kinds of accounts?

• there is only one type of bank account

• different customers have different financial needs and goals

• people voted for different accounts