Personal Financial Literacy Quiz

What is the primary purpose of a checking account?

• To facilitate everyday transactions

• To invest in stocks

• To earn high interest

• To store money for long-term savings

Which of the following is NOT a type of transaction discussed in the video?

• Withdrawal

• Transfer

• Investment

• Deposit

Which of the following is an example of a deposit?

• Withdrawing cash from an ATM

• Transferring money to a savings account

• Receiving a paycheck directly into your account

• Paying a bill online

What is a direct deposit?

• A transfer to a savings account

• A manual deposit of cash

• An electronic deposit of a paycheck

• A withdrawal from an ATM

What does a withdrawal involve?

• Receiving interest on your balance

• Adding money to your account

• Transferring money between accounts

• Taking money out of your account

Which transaction would you use to pay for groceries with a debit card?

• Deposit

• Withdrawal

• Transfer

• Loan

Which transaction involves moving money from a savings account to a checking account?

• Loan

• Withdrawal

• Deposit

• Transfer

What is the purpose of a check register?

• To calculate interest earned

• To track deposits, withdrawals, and transfers

• To open a new account

• To apply for loans

What should you check to know your current account balance?

• Your check register

• Your credit card statement

• Your last deposit slip

• Your ATM receipt

What is the benefit of using bill pay for your bills?

• It transfers money to your savings

• It increases your account balance

• It automatically withdraws money for bills

• It deposits money into your account