
Banking Basics
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Hard
Yolonda Bailey
FREE Resource
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32 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
Your financial institution can't help you if there is a mistake on your bank account statement.
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3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements about check cashing companies is FALSE?
They offer bad deals where you'll owe a lot more than you borrowed.
They charge low fees.
They can take a percentage of your check on top of fees.
They make it easy to fall into a loan cycle that is hard to get out of.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do before you use an ATM?
Inspect the ATM and its surroundings to make sure it is safe to use.
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don't forget it.
Memorize your debit card number because you'll need to type it in at the ATM.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements about investing is FALSE?
Investing is a guaranteed way to grow your money.
Investing is riskier than putting money in a savings account.
Investing is best for long-term financial goals, like paying for retirement.
On average, investing money in the stock market earns a higher return than putting money in a savings account.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?
The local police station
Your bank
The CFPB
All of the above
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