Banking and money matter

1. What is a savings account used for?

• A savings account is used to save money and earn interest.
• To pay off credit card debt.
• To invest in stocks and bonds.
• To withdraw cash without penalties.

2. Which card takes money directly from your bank account?

• Debit card
• Gift card
• Prepaid card
• Credit card

What does ATM stand for?

• Advanced Technology Machine
• Automatic Transfer Mechanism
• Automated Teller Machine
• Automated Transaction Method

4. What is a loan?

• A loan is a gift that does not need to be repaid.
• A loan is an investment that guarantees profit.
• A loan is a type of insurance policy.
• A loan is borrowed money that must be repaid with interest.

5. What is a PIN used for?

• A PIN is used for authentication and security.
• A PIN is used for making phone calls.
• A PIN is used to access the internet.
• A PIN is used to unlock doors.

What is a budget?

• A budget is a document for tax filing.
• A budget is a type of investment strategy.
• A budget is a list of all assets owned.
• A budget is a financial plan for managing income and expenses.

7. Which of these is NOT a banking term?

• interest rate
• savings account
• loan application
• selfie

8. What happens when you overdraft your account?

• You spend more than you have

• You receive a bonus for overdrafting.
• Your account balance increases automatically.
• You are rewarded with cash back for overdrafting.

What is interest in a savings account?

• Interest is the total balance in your account at the end of the year.
• Interest is the amount you pay to open a savings account.
• Interest in a savings account is the earnings on the deposited funds, typically expressed as a percentage.
• Interest is a fee charged for withdrawing funds.

10. What is a transaction?

• A transaction is a legal document for property ownership.
• A transaction is an exchange of goods, services, or funds between parties.
• A transaction is a type of financial investment strategy.
• A transaction is a method of communication between businesses.