Financial Literacy Final

What is a sum of money set aside for a specific purpose called?

• Checking account

• Debit card

• Budget

• Credit card

Which financial tool is like a credit card but withdraws money directly from your bank account?

• Budget

• Checking account

• Credit card

• Debit card

What type of card allows you to purchase goods and services with a promise to pay later?

• Credit card

• Debit card

• Checking account

• Budget

Which type of bank account is known for storing money and earning a low interest rate?

• Checking account

• Credit card

• Savings account

• Budget

What is the term for a check that cannot be processed due to insufficient funds?

• Cleared Check

• Bad Check

• Draft

• Statement

What occurs when withdrawals have gone over the available amount in an account?

• Cleared Check

• Check Register

• Statement

• Overdraft

What is a check that has been honored and processed called?

• Cleared Check

• Overdraft

• Statement

• Bad Check

What is the term for a record book used to keep track of all transactions?

• Statement

• Cleared Check

• Overdraft

• Check Register

What is the name of the document published by your bank that details all transactions for the month?

• Check Register

• Overdraft

• Cleared Check

• Statement

What is an overdraft fee?

• A fee for over spending.

• A state tax.

• A fee for maintaining your account.

• None of the above