Banking and Finance

Banking and Finance

7th Grade

11 Qs

quiz-placeholder

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Banking and Finance

Banking and Finance

Assessment

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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