Financial Education Quiz

What is an IOU?

• A document that acknowledges the existence of a debt.

• A legally binding contract.

• A type of credit card.

• A bank account statement.

What is a credit card?

• A non-transferable personal payment method.

• A card that allows for cash advances.

• A prepaid card.

• A type of debit card.

What is a debit card?

• A card linked to a bank account.

• A card that allows for cash advances.

• A type of credit card.

• A prepaid card.

What is a prepaid card?

• A card that is loaded with a specific amount of money.

• A card linked to a bank account.

• A type of credit card.

• A card that allows for cash advances.

What is a cheque?

• A document that directs a bank to pay a specific sum of money.

• A type of credit card.

• A bank account statement.

• A type of debit card.

What is direct debit?

• A financial arrangement to withdraw money on a recurring basis.

• A type of credit card.

• A bank account statement.

• A type of debit card.

What are accounts in double entry bookkeeping?

• Words that express different categories of money movement.

• A type of credit card.

• A bank account statement.

• A type of debit card.

Human resources pays the employees using the money in the company’s bank account. Which of the following is NOT an account used?

• Wages and salaries

• Takings

• Ban account xx

It is the book or record where all financial transactions of a business are first recorded chronologically before being posted to individual accounts in the general ledger.

What are the two types of changes mentioned in the text?

• Permutative changes

• Modificative changes

• Both types of changes

• None of the above