Banking and Financial Literacy Quiz

What percent of teens have opened a bank account?

• 25%

• 50%

• 61%

• 90%

According to the survey mentioned in the article, what are some of the reasons that people are unbanked?

• Lack of trust in banks

• High interest rates

• Limited banking hours

• Poor customer service

What are some of the major downsides of being unbanked?

• Access to online banking

• Higher fees for financial services

• Better interest rates

• More financial privacy

What is one of the objectives for students in this unit?

• Learn how to invest in stocks

• Compare payroll and prepaid cards to debit and credit cards

• Understand cryptocurrency

• Study international banking laws

What is a consequence of being unbanked?

• Easier access to loans

• Increased financial security

• Limited access to financial services

• Lower transaction fees

What does the article suggest about using payday loans?

• They are a cost-effective solution

• They are often used by the unbanked

• They offer low interest rates

• They are recommended by financial advisors

What is one of the learning goals related to banking status?

• Explore banking status in Europe

• Explore banking status in regions across the U.S.

• Explore banking status in Asia

• Explore banking status in South America

What is one of the reasons for being unbanked mentioned in the article?

• High transaction fees

• Lack of identification

• Limited ATM access

• Poor mobile banking apps

What is a common service used by the unbanked?

• Online banking

• Check cashers

• Credit unions

• Investment firms

What is a potential disadvantage of using payday loans?

• Low fees

• High interest rates

• Long repayment terms

• Easy approval process