Which of the following is NOT a feature of electronic banking?

Retrieve information about an account

Transfer money between accounts

Should you ever transmit usernames or passwords over unsecured platforms?

Only if the website looks official

What do Automated Teller Machines (ATMs) offer people?

The flexibility of banking at any time

The ability to deposit checks only

The option to speak with a bank teller

The service of loan applications

What is required to use an ATM?

A special banking card with a PIN

A special banking card with a signature

Can ATM cards be used for other purposes besides withdrawing cash?

Yes, they can be used as debit cards

No, they can only be used to withdraw cash

Yes, they can be used to make phone calls

Yes, they can be used as credit cards

Loans can be categorized as:

Neither short-term nor long-term

What is the primary focus of savings and loan associations?

Savings accounts and home loans

What type of financial institutions are credit unions?

Nonprofit institutions owned and operated by members

For-profit institutions owned by stockholders

Private institutions focused on commercial lending

Which organization insures most banks to make sure your deposits are protected?

The Federal Deposit Insurance Corporation (FDIC)

The National Credit Union Administration (NCUA)

The Securities and Exchange Commission (SEC)

Which organization insures most credit unions to ensure the protection of your deposits?

The National Credit Union Administration (NCUA)

The Federal Deposit Insurance Corporation (FDIC)

The Securities and Exchange Commission (SEC)

What are checking accounts convenient for?

Making purchases and paying bills

Borrowing books from the library

Which of the following is NOT a type of checking account mentioned in the material?

Minimum balance, no service charge

Service charge, no minimum balance

What should you consider when determining the type of checking account you need?

How much you are willing to pay for service fees

The number of checks you can write each month

When choosing a checking account, why might someone opt for an interest-bearing account?

To earn interest on the money kept in the account

Because it requires a minimum balance

Because it has no service charge

When writing a check, how should the amount in numbers be written?

In a different color than the rest of the check

What is required for the signature on a check?

It must be printed from a computer

What should you do to ensure clarity when writing a check?

Use abbreviations wherever possible

What should be done with any remaining space after writing the amount in words on a check?

Draw a line through the remaining space

What is the purpose of writing a check?

To instruct a financial institution to pay a certain sum of money to a person or company

To request a loan from a financial institution

To deposit money into a financial institution

To record personal expenses in a ledger

What should you record when you write a check?

The number of the check, date, payee, and amount

The account number, bank routing number, and signature

The purpose of the payment and the recipient's address

The bank's address and the current balance of your account

Why should you subtract the amount of a check from your balance?

To always know how much you have in the account

To avoid overdrawing your account

To calculate the interest you will earn

To update the checkbook register

Before you can cash or deposit a check, what must you do?

Write the amount in words on the back

Record the check number on the back

When endorsing a check, how should your signature appear?

It should match the name on the face of the check

It should be your initials only

It should be different from the name on the face of the check

It can be any family member's signature

How often is an account statement typically issued?

Monthly, bimonthly, or quarterly

What should you do when you receive an account statement?

Begin reconciling by comparing the account statement to your check stubs or register

File it away without looking at it

Immediately call the bank to report

Shred the statement to protect your privacy

What are canceled checks?

Checks you have written that have been cashed

Checks that have not yet been cashed

Withdrawals made when there are insufficient funds in an account

Checks that have been reported as lost or stolen

What does it mean if checks are outstanding?

Checks you have written that have not yet been cashed

Checks that have been reported as lost or stolen

Withdrawals made when there are insufficient funds in an account

Checks that have been reported as lost or stolen

Checks you have written that have not yet been cashed

Financial Literacy Quiz

Authored by ALISHA HOUK

Design

10th Grade

Used 2+ times

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96 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you look for when choosing a financial institution?

The one with the highest number of branches

The one that offers the services that meet your needs

The one with the most advertising

The one that is closest to your home

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of account allows you to withdraw money by writing a check or using a debit card?

Savings account

Checking account

Loan account

Credit account

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do savings accounts typically provide?

A fixed amount of interest

No interest

Various amounts of interest

A line of credit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a personal identification number (PIN) with a debit card?

To immediately transfer payment from your checking account

To record debit transactions

To protect the card by verifying the user's identity

To allow individuals to send and receive money

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can a money transfer app enable individuals to do?

Record debit transactions

Protect transactions with a PIN

Send and receive money to and from friends and family using a mobile device

Transfer payment from a checking account to the app

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do debit cards transfer payment?

By recording the transactions in an app

By protecting the transaction with a PIN

By allowing individuals to send and receive money

By immediately transferring payment from your checking account

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is electronic banking also known as?

Mobile banking

E-banking

Online shopping

Digital purchase

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Financial Literacy Quiz

What should you look for when choosing a financial institution?

What type of account allows you to withdraw money by writing a check or using a debit card?

What do savings accounts typically provide?

What is the purpose of a personal identification number (PIN) with a debit card?

What can a money transfer app enable individuals to do?

How do debit cards transfer payment?

What is electronic banking also known as?

Which of the following is NOT a feature of electronic banking?

Electronic banking allows you to do your banking from where?

Before transmitting personal or financial information, what should you make sure of regarding the website?

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