Financial Literacy Test

Which of the following are financial institutions? (Choose two)

• bank
• library
• credit union
• museum

Which services is a bank likely to offer? (Choose two)

• balance
• savings account
• online banking
• net deposit

Which is required when depositing money into an account?

• your account number
• thank the teller
• swipe your credit card
• sign your deposit slip

The amount left over from your paycheck after taxes and deductions are withheld is called _______________.

• balance
• gross deposit
• transaction
• net pay

T/F: You can continue to write checks as long as you have checks in your checkbook.

• True
• False

T/F: All bank transactions should be recorded in your bank register.

• True
• False

T/F: A direct deposit is when you take your paycheck directly to the bank after you receive it.

• True
• False

T/F: Credit cards and debit cards are essentially the same thing.

• True
• False

Banks offer different types of accounts because . . .

• Different customers have different needs.
• They are not allowed to legally only offer one type of account.
• People voted on it.
• The county commissioner's office allowed it.

Three important things to remember about saving and savings accounts are: (Choose three)

• The higher the interest rate, the more money you will earn.
• The longer money is saved, the more money you will have for your needs and wants.
• The more you add to your savings, the faster your money will grow.
• You should take your money out of it if the economy is doing bad because a low percentage rate is not worth it.
• Never open a savings account if you can't get a debit card for it.