Banking and Financial Literacy Quiz

What can you do at an ATM?

• Deposit cash or checks, withdraw money, and check your account balance

• Buy groceries

• Apply for a job

• Watch movies

What is the main difference between a checking account and a savings account?

• Checking accounts are for frequent transactions, savings accounts are for storing money long-term

• Checking accounts earn more interest than savings accounts

• Savings accounts are only for businesses

• Checking accounts cannot be used for payments

What should you consider when choosing a bank?

• The range of services and how they fit your financial needs

• The color of the building

• The location of the nearest restaurant

• The number of employees

Why is it important to use your bank wisely?

• To avoid or limit fees

• To impress your friends

• To get free gifts

• To increase your spending

What is a debit card?

• A plastic card that allows you to spend money directly from your checking account

• A card for borrowing money

• A card for earning rewards

• A card for making phone calls

Which type of institution keeps your money safe and provides services like checking and savings accounts?

• Grocery store

• Bank

• School

• Hospital

What is an account with a bank or credit union in which you store money for an extended amount of time and gain interest?

• Checking account

• Savings account

• Loan account

• Credit account

What is a plastic card that allows you to spend money directly from your checking account?

• Credit card

• Debit card

• Gift card

• ID card

What is the purpose of a check?

• To withdraw cash from an ATM

• To direct your bank to pay someone a specific amount

• To earn interest

• To deposit money

What is the benefit of using direct deposit?

• Money is transferred electronically and quickly

• You have to visit the bank in person

• You receive cash only

• It costs extra money