Financial Literacy Quiz

What is a Checking Account?

• A type of savings account that earns a high rate of interest.

• A bank account in which users can deposit or withdraw money to make purchases.

• A financial plan that allows for investment in stocks and bonds.

• A loan provided by the bank to purchase real estate.

What does the term 'Balance' refer to in financial literacy?

• The interest rate charged on borrowed money.

• The amount of money in account.

• The fees charged for services or late payments.

• The process of transferring money between accounts.

What is a Deposit?

• A charge for the use of credit or borrowing money.

• A transaction where money gets taken out of your account.

• A transaction where money gets added to your account.

• Spending more money than what you have in your account.

What does it mean to Withdraw money?

• To add money to your account.

• To move money between different accounts.

• To take out a loan from the bank.

• To take money out of your account.

What is meant by the term 'Transfer' in banking?

• The act of depositing money into an account.

• The act of borrowing money from a bank.

• Money being moved between accounts.

• The fees incurred for maintaining an account.

What is an Overdraft?

• A deposit made into a checking account.

• Spending more money than what you have in your account.

• The balance remaining in an account after a withdrawal.

• A fixed charge for account maintenance.

What are Fees in the context of financial services?

• The amount of money added to an account after a deposit.

• The balance that must be maintained in a checking account.

• Amount charged for services or late payments.

• The interest earned on the money deposited in a savings account.

What is Interest in financial terms?

• The process of verifying account balances.

• The amount of money a person has in their savings account.

• Charge for the use of credit or borrowing money.

• A fee for withdrawing money from an account.