Student Pre/Post-Test

An example of a financial institution is:

• A department store.

• A bank.

• A school.

• An ATM.

Who uses financial institutions?

• Adults.

• College graduates.

• Almost everyone who maintains a savings or checking account uses debit or credit cards or needs a loan.

• Account holders with lots of cash.

Identify the incorrect statement:

• A debit card allows for an immediate electronic transfer from a card holders savings or checking account.

• A debit card is essentially a paper check but doesn’t require the processing time a check does.

• A debit card is handy in an emergency when you don’t have the money to spend.

• A debit card is a pay-now payment type with no grace period for payment.

When lenders lend money to borrowers, they charge an additional fee for the use of their money. This is called:

• Debit

• Stock

• Interest

• Credit

Select ALL that apply:

All of the following are an advantage of having a credit card EXCEPT...

• You can buy-now and pay-later.
• You are charged interest on any unpaid balances.
• It allows you to pay for emergencies you might not be able to afford.

• None of the above.

Who pays taxes?

• Most people who have a job.
• Most people who purchase items.

• Most people who own property.

• All the above.

What are the three main types of taxes?

• a. Income, Sales and Property. 

• b. Unemployment, Sales, and Property. 

• c. Federal Income, Unemployment, and State. 

• d. State, Property, and Unemployment. 

When it comes to personal savings, what does PYF stand for?

• Pay Yourself First

• Personal Yield Fund

• Profit Yield Factor

• Pension Yield Fund

Investing is not an example of saving for long term.

• True
• False

A record of income and expenditures for a given period of time is called a/an:

• Credit

• Budget
• Investment

• Interest