Financial Literacy Quiz

What is the purpose of a checking account?

• To lend money to others

• To safely store money and write checks

• To pay tuition fees

• To receive funding from the state

What does a credit report provide?

• A summary of all educational degrees

• A list of all transactions in a checking account

• A detailed listing of an individual's credit history

• A plan for working while in school

Which of the following best describes a scholarship?

• Money awarded to help pay for school, based on various criteria

• A loan that must be repaid with interest

• A payment for teaching services at a university

• A grant from the state for public services

What is the main difference between public and private schools in terms of funding?

• Private schools receive more government grants

• Public schools do not receive any funding from the state

• Private schools do not receive funding from the state

• Public schools charge higher tuition fees

An account attached to a debit card

• Checking Account

• Savings Account

• CD Account

• LR Account

A monthly account of the money that you have in your bank and how you spent it.

• Annual Fee
• Certificate of Deposit
• Bank Statement

What happens when you use a debit card to make a purchase?

• The money is borrowed

• The money is taken immediately from your checking account

• You pay interest

• You earn rewards

Ethan borrows $50 from a friend to pay for a used guitar, but has to pay her friend $55 in return. What is the additional $5 Ethan pays her friend?

• saving

• planned spending

• interest

• unplanned spending

Deposit

• Money moved to a different account

• Money put into bank account

• Money taken out of the account

• Bank charges

Money taken out of your checking account.

• withdrawal
• stop payment
• endorsement
• outstanding