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WorksheetsFACS 7 Checking & Banking
Total questions: 30
Worksheet time: 39mins
Name
Class
Date
1.
What are some items that you would save for?
a)
emergency fund
b)
college tuition
c)
car
d)
all of the above
2.
Where is the best possible place to store you PIN number?
a)
written on your card in marker
b)
written on a sheet of paper in your wallet
c)
written at home in your journal
d)
You should just remember the number and not have it written down anywhere.
3.
What is a debit card?
a)
it's like a check but comes out of your account automaically
b)
It's more convient than a check
c)
Your use your PIN number to make purchases
d)
all of the above
4.
A _______ _______ gives the bank instructions for adding money to your account
a)
deposit ticket
b)
deposit check
c)
check register
d)
checking account
5.
Which of the following is not something that you fill out on a check?
a)
your signature
b)
the date
c)
your birthdate
d)
who the check is made payable to
6.
Your ____ _______ serves as a reference number for your payments.
a)
account number
b)
routing number
c)
check number
d)
telephone number
7.
What does it mean if you do NOT have a tick mark or check mark beside an item at the end of the month on your check register?
a)
It means that person or instutiion you gave your check to lost it.
b)
The check has not yet been processed by the bank and it called an outstanding check.
c)
The check has not yet been processed by the bank and it called a withstanding check.
d)
It means that you forgot to give your check to who you were supposed to give it to.
8.
What does it mean to reconcile your checkbook?
a)
this happens when you fill out your check register.
b)
At the end of the month you check to see if your check register matches your bank statement.
c)
This happens when you go to the bank and deposit money
d)
This happens each time you write a check.
9.
What type of endorsement includes your name and account number and is used when you want to cash a check
a)
blank endorsement
b)
bank endorsement
c)
restrictive endorsement
d)
special endorsement
10.
What type of endorsement would you need if you have a check made payable to you but you want to give it to your friend because you owe them money.
a)
blank endorsement
b)
restrictive endorsement
c)
special endorsement
11.
The equation I = prt is used to find what?
a)
interest rate
b)
finance charge
c)
compound interest
d)
simple interest
12.
I = prt, what does t stand for?
a)
time in years
b)
time in days
c)
principal
d)
interest rate
13.
Amy received $875 from her graduation party. She put the money in a bank with 4% simple interest rate. How much interest will she have earned after 7 years?
a)
$205
b)
$225
c)
$245
d)
$2,000
14.
Ethan borrowed $2,190 for a new dirt bike. He will pay the money back in 3 years with a simple interest rate of 2.5% How much interest will he pay?
a)
$164.25
b)
$172.75
c)
$1,642.50
d)
$2,354.25
15.
Kassie took out a loan from the bank to purchase a car. If she borrow $17,240 at a simple interest rate of 8.25% how much total will he have paid after 5 years?
a)
$6,894.25
b)
$7,111.50
c)
$21,548.90
d)
$24,351.50
16.
Vision Bank offers a 4.75% simple interest rate, while Gate City Bank offers 3.9%. If Tom wants to set up a new account with $500, how much more money will be earn in interest at Vision Bank over Gate City Bank after 12 years?
a)
$45
b)
$48
c)
$51
d)
$59
17.
Jonah earned $150.36 in interest on an account that earns 1.4% simple interest. If Jonah opened that account 12 years ago, what was the principal amount?
a)
$850
b)
$868
c)
$890
d)
$895
18.
Megan is buying a new computer for$1,150. She is considering two credit options. Option A offers a 3 year loan with a 10% simple interest rate while Option B offers a 5 year loan with a 6.5% simple interest rate. Which is the better option and how much will be save?
a)
$32.50, A
b)
$28.75, A
c)
$32.50, B
d)
$28.75, B
19.
What best describes Specific?
a)
What do I want to accomplish?
b)
Is this a worthwhile goal?
c)
how long will be take to accomplish this goal?
d)
How can the goal be accomplished?
20.
What best describes Measurable?
a)
How will I measure my progress?
b)
How will I know when the goal is accomplished?
c)
when am I going to work on this goal?
d)
Both A and B
21.
What best describes Attainable or Achievable?
a)
What are the logical steps I should take to reach this goal?
b)
How will I measure my progress?
c)
What are the requirements?
d)
What are the constraints?
22.
Which best describes Relevant?
a)
Is this a worthwhile goal?
b)
Do I have the necessary resources to accomplish this goal?
c)
Is this goal in line with my long term objectives?
d)
All of the above
23.
What best describes Time-Bond
a)
How long will it take to accomplishment this goal? What is my deadline?
b)
How can the goal be accomplished?
c)
Is this a worthwhile goal?
d)
Why do I want to accomplish this?
24.
A ________ is a monthly plan used to keep track of your spending and determine your needs from your wants. It helps you reach financial goals that you set.
a)
interest rate
b)
budget
c)
check register
d)
plan for success
25.
Principal can be either the amount of money that you borrow or the amount of money that you invest.
a)
True
b)
False
26.
You are supposed to write things such as ATM cash withdrawals and Debit Card purchases in you check register.
a)
true
b)
false
27.
What should you do if you lose you debit card?
a)
wait a week to see if you do find your card
b)
backtrack your steps and try to find it
c)
report it to your bank so they can cancel your card and issue a new card
28.
Which if the following would be an acceptable PIN?
a)
the year your great-grandparents got married
b)
your birthdate
c)
your initials
d)
your name
29.
Many banks now have apps where you can check your account from your phone and even deposit a check safety.
a)
True
b)
false
30.
There is no need to take your ATM receipt with you and check it against your monthly statement
a)
True
b)
False
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