Banking Knowledge Quiz

What do you usually need to do if you are under 18 and want to open a bank account?

• Fill in an application form and present your photo ID and proof of address.

• Open the account online without any assistance.

• Visit the bank alone and fill out the necessary forms.

• You cannot open a bank account if you are under 18.

What is the most basic type of bank account where you deposit money for shopping or paying bills?

• Savings account

• Checking / current account

• Fixed deposit account

• Investment account

What is a transfer fee?

• A fee for withdrawing money from an ATM

• A fee for sending money to another person, especially in another country

• A fee for using your card abroad

• A fee for maintaining your account

Which banks do not charge a fee for withdrawing money abroad?

• Monzo and Starling

• HSBC and Barclays

• Chase and Wells Fargo

• Citibank and Bank of America

What should you do before choosing the right bank for you?

• Open an account with the first bank you find

• Do some research on different banks and their fees

• Choose a bank based on its advertisements

• Ask your friends for their bank details

What is one of the first steps to start saving money?

• Spend all your money immediately.

• Create a financial plan.

• Avoid thinking about your savings.

• Borrow money from friends.

What is one reason to get a credit card?

• To build your credit score.

• To avoid paying bills.

• To decrease your savings.

• To spend more money.

How does a higher credit score affect your ability to borrow money?

• It makes it harder to borrow money.

• It has no effect.

• It makes it easier to borrow money.

• It decreases the amount you can borrow.

What is the primary purpose of insurance?

• To save money for future use

• To provide financial protection of property and possessions

• To earn interest on savings

• To avoid paying taxes

What is investing?

• Buying something in the hope that it will increase in value over time

• Saving money in a bank account

• Spending money on daily expenses

• Paying off debts