Finance Unbox-ED ($) - Grade 3-5 - Session 009 - Quiz 1

Select all the statements that are true

• Bank is a place where we can deposit our money
• Bank is a place where we can withdraw our money when we need it
• Bank is a place where we can borrow money and repay it later
• All of the above

Select all the statements that are true

• Bank account is an electronic record of our money with the bank
• Bank account is an electronic record of the loans we have taken from the bank
• Bank account balance is the amount of money available in your bank account for you to withdraw
• Bank account balance is the amount of money you need to pay to the bank

Select all the statements that are true

• Interest is something you are paid when you borrow money from a bank
• Interest is something you are paid when you deposit money with a bank
• Interest is something you pay when you borrow money from a bank
• Interest is something you pay when you deposit money from a bank

Select all the statements that are true about a savings account

• For individuals
• Requires a minimum bank account balance
• Interest is paid on the money in this account
• All of the above

Select all the statements that are true about a current account

• For businesses
• Requires no minimum bank account balance
• Interest is paid on the money in this account
• All of the above

Select all the statements that are true about fixed deposits / certificate of deposit

• Type of an investment with a bank
• Fixed amount of money is given to a bank for a fixed period
• Interest rate is lower than savings account
• Withdrawal before fixed period is rewarded

Cheque is an instrument or a special paper issued by your bank that allows you to pay someone a specific amount of money

• True
• False

Online transfer is when we make a payment to someone using a cheque

• True
• False

Select all the statements that are true about UPI

• UPI is one of the ways to make an online transfer
• UPI transfers are slow and take 24 hours to happen
• UPI allows you to transfer money real-time i.e. in an instant
• In order to make a UPI transfer we always need bank account details

UPI was invented in which country?

• USA
• UK
• India
• China