Day 8 Quiz

What is a financial institution?

• A government agency

• A business that provides money-related services

• A loan from a friend

• A type of debit card

What is a deposit?

• A fee to open an account

• Money placed into an account

• Interest charged

• A credit card payment

Why are insured financial institutions considered safe?

• They offer the best credit cards

• Your money is protected if something happens

• They charge no fees

• They’re open 24/7

Which of the following is an electronic funds transfer (EFT)?

• Writing a check

• Depositing money through a computer network

• Mailing cash

• Buying gift cards

What is a good security tip for debit cards?

• Write your PIN on the back

• Memorize your PIN and don’t share it

• Keep your PIN in your wallet

• Use your birthday as your PIN

What does it mean to endorse a check?

• Send it by mail

• Sign your name on the back

• Shred it

• Deposit it in a machine

What is it called when your check hasn’t cleared yet?

• Voided check

• Outstanding check

• Endorsed check

• Balanced check

Which of these is NOT a type of check you can buy at a bank?

• Traveler’s check

• Loyalty check

• Money order

• Certified check

What’s the main purpose of a checking account?

• To get credit

• To withdraw and deposit money using checks

• To build interest only

• To buy savings bonds

What is one reason to save money?

• To avoid banks

• To increase spending

• For emergencies or job loss

• To get lower rent