Financial Literacy Quiz

What is a Private Student Loan?

• A loan made by banks, credit unions, or other organizations with set terms and conditions

• A federal loan based on financial need

• A scholarship that does not need to be repaid

• A document showing eligibility for federal student aid

What is a Scholarship?

• A loan that needs to be repaid

• Financial aid that does not need to be repaid, usually awarded based on achievements

• A penalty charged for overdrawing an account

• A program that allows students to work part-time

What is a Direct Deposit?

• A penalty charged for overdrawing an account

• An option to allow automatic electronic deposit of your payroll checks

• A type of student loan

• A financial aid that does not need to be repaid

What does the Federal Deposit Insurance Corporation (FDIC) do?

• Insures deposits in bank accounts up to $250,000

• Provides scholarships to students

• Measures the return on investment

• Offers direct deposit services

What is Overdraft Protection?

• A type of insurance for student loans

• An option offered by banks to cover overspending an account and then charge a fee for it

• A scholarship that does not need to be repaid

• A program that allows students to work part-time

What is the process of making sure you and the bank agree on how much money is in your checking account?

• Reconciling

• Claiming

• Deducting

• Underbanking

What are for-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services?

• Retail Banks

• Unbanked

• Beneficiaries

• Dependent

What is the amount of money you will pay out of pocket before the insurance company will make a payment?

• Deductible

• Premium

• Copay

• Coverage

What is the benefit paid to the beneficiaries after the policyholder?

• Death Benefit

• Coverage

• Deductible

• Claim

What is the amount of time after the premium is due in which a policyholder can make a premium payment without suffering a lapse in coverage?

• Grace Period

• Elimination Period

• Deductible Period

• Coverage Period