Financial Literacy Mid Term 24-25

What does it mean to live paycheck-to-paycheck?

• You don't earn much money

• You don't have any money to save after your expenses

• Your paycheck is directly deposited into the bank each month

• You only save a small amount each month

What is the amount of FDIC protection per bank account?

• $150,000

• $250,000

• $500,000

• $1,000,000

Bank Overdraft Protection:

• Covers your transactions and has no fees as long as the amount is repaid within 30 days

• Covers your transactions but charges high fees

• Denies your transactions

• Is an excellent way to protect your bank account balance

Electronic transfer of your payroll check into your bank account

• Mobile Deposit

• Automatic Deposit

• Direct Deposit

• Payroll Transfer

What is the final price of a $150 item after a 10% discount?

• $135

• $140

• $145

• $150

What is the FDIC?

• Federal Deposit Interest Company

• First Deposit Insurance Corporation

• Federal Deposit Insurance Corporation

• First Depository Interest Company

What is a transactional bank account that allows easy access to your money?

• Checking Account

• Savings Account

• Debit Card

• Credit Card

Ways to build wealth include:

• Begin to build wealth at an early age

• Stay out of debt

• Don't buy things that you don't really need

• All of the Above

• $25

• $24

• $26

• $27

When you add funds to your bank account:

• Withdrawal

• Deposit

• Direct Transfer

• Mobile Banking