
Banking and Finance
Quiz
•
Financial Education
•
7th Grade
•
Hard
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between a debit card and a credit card?
Debit card is linked to your credit score, while a credit card is not
Debit card has a higher interest rate than a credit card
Debit card offers cashback rewards, while a credit card does not
Debit card is linked to your bank account and deducts money directly, while a credit card allows borrowing money up to a limit.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of a savings account.
A savings account is a type of credit card with no interest
A savings account is a type of insurance policy for emergencies
A savings account is a type of investment where you can lose money
A savings account is a type of bank account where you can deposit money and earn interest on the balance over time.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mortgage?
A mortgage is a type of insurance policy.
A mortgage is a form of investment in the stock market.
A mortgage is a loan to buy a home.
A mortgage is a government grant for homebuyers.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define foreign exchange rates.
Foreign exchange rates are the value of goods imported from other countries.
Foreign exchange rates are the value of one currency in terms of another currency.
Foreign exchange rates are the interest rates on foreign bank accounts.
Foreign exchange rates are the prices of foreign stocks on the stock market.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a debit card work?
A debit card allows you to borrow money from the bank.
A debit card is only accepted for in-person transactions.
A debit card is used to earn reward points for online shopping.
A debit card accesses funds in your bank account for purchases or withdrawals.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the benefits of having a savings account.
Losing money due to inflation
The benefits of having a savings account include earning interest, keeping money safe, easy access to funds, and developing a saving habit.
Difficulty in tracking savings
Limited access to funds
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the types of accounts offered by banks?
Retirement accounts
Savings accounts, checking accounts, money market accounts, certificate of deposit (CD) accounts
Credit card accounts
Investment accounts
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