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Taxes, Checking Accounts, Credit Cards and Credit Scores Review

Total questions: 48

Worksheet time: 24mins

Name
Class
Date
1.
The process of setting money aside for a future date instead of spending it today.
a)
Saving
b)
Interest
c)
Investing
d)
Spending
2.
Money you put into you savings account.
a)
Withdrawal
b)
Interest
c)
Deposit
d)
Account Balance
3.
Money taken out of your savings account.
a)
Interest
b)
Account Balance
c)
Compounding of interest
d)
Withdrawal
4.
Parts of a check, Section G
a)
Check number
b)
Date that the check is being written
c)
Name and address of the account holder
d)
Dollar amount being paid written out in words
5.
Parts of a check, Section B
a)
Name of the person or business receiving the payment
b)
Check number
c)
Date that the check is being written
d)
Name and address of the account holder
6.
Parts of a check, section D
a)
Allows the account holder to record what the payment is for
b)
Name and address of the account holder
c)
Check number
d)
Routing number indicating the bank the check is drawn on
7.
Parts of a check, Section E
a)
Routing number indicating the bank the check is drawn on
b)
Checking account number
c)
Date that the check is being written
d)
Dollar amount being pad written as a number
8.
Money you put into your account
a)
Deposit/Credit
b)
Debit
c)
Overdrawn
d)
Electronic Funds Transfer (EFT)
9.
How much money you have in your checking account as of the statement date
a)
Debit
b)
Debit Card
c)
Statement balance
d)
Smartphone banking
10.
A card that allows the user to withdraw $ from a bank account to obtain cash or make a purchase
a)
Debit card
b)
EFT
c)
PIN
d)
Balance/Reconcile
11.
Four-digit code connected to the debit card; verifies your identity
a)
EFT
b)
Statement balance
c)
Personal Identification Number (PIN)
d)
Online banking
12.
The movement of funds using computer systems, telephones or electronic terminals, or smartphone
a)
Electronic funds transfer (EFT)
b)
Debit card
c)
PIN
d)
Debit
13.
A machine that allows you to perform basic banking functions without the help of a teller
a)
Automated Teller Machines (ATMs)
b)
Debit Card
c)
PIN
d)
EFT
14.
Having a negative balance in your account
a)
Overdrawn
b)
Overdraft penalty
c)
ATMs
d)
Identity theft
15.
A fee to cover the cost of processing your bad check
a)
Overdrawn
b)
Overdraft penalty
c)
Identity Theft
d)
Debit card
16.
Stealing someone's personal, identifying information and using it to make purchases.
a)
Identity theft
b)
Overdrawn
c)
Overdraft penalty
d)
ATMs
17.
The ability to make purchases with the promise that the money will be repaid later.
a)
Credit
b)
Debit
c)
Annual fee
d)
Grace period
18.
The maximum amount of money that a credit card issuer will allow you to charge.
a)
Charge
b)
Debit
c)
Credit limit
d)
Interest Rate
19.
The percentage you pay on the money you have charged.
a)
Charge
b)
Credit Limit
c)
Interest Rate
d)
Late Payment
20.
A period of time, generally 20-25 days, before a credit card starts charging you interest.
a)
Late Fee
b)
Daily Finance Charge
c)
Grace Period
d)
APR
21.
A penalty you are charged for not making your minimum payment by the established payment date.
a)
Annual Fee
b)
Daily Finance Charge
c)
Previous Payments
d)
Late Fee
22.
The least amount you can pay on the card and still keep your account in good standing.
a)
Minimum payment
b)
Outstanding balance
c)
Interest rate
d)
Credit limit
23.
Tax paid on the money on earns from working.
a)
Income tax
b)
Personal exemption
c)
Exemptions
d)
Itemized deductions
24.
Items that can be deducted from one's total income before taxes are assessed.
a)
Exemptions
b)
Itemized deductions
c)
Personal exemption
d)
Dependent exemption
25.

True or False: Identity Theft is the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

a)

True

b)

False

26.

This is a form of stealing one's identity in which someone pretends to be someone else

a)

name robbery

b)

identity theft

c)

stolen description

d)

identify robbery

27.

Someone would steal your identity to...

a)

play a joke on you

b)

get back for something you did

c)

Gain access to resources under your name

d)

See what it's like to be someone else

28.

If a company calls and asks for your PIN number, you should give it to them

a)

True

b)

False

29.

Before throwing away old documents and receipts, you should

a)

white out any personal information

b)

cross out any personal information

c)

shred them

d)

just throw them out

30.
Which is NOT a positive credit card behavior?
a)
Post your credit card number on Facebook
b)
Be aware of how your credit card affects your credit history
c)
Pay the entire amount on time every month
d)
Check statement monthly for errors
31.

Which is NOT one of the three main credit reporting agencies?

a)

Experian

b)

Equifax

c)

Vanguard

d)

Transunion

32.

A credit freeze...(hint: choose 2 correct answers)

a)

Allows you to restrict access to your credit report

b)

Can only last for 30 days

c)

Is always a free service

d)

Does not affect your credit score

33.

How does the chip card provide protection from identity theft?

a)

It requires you to sign for every purchase made

b)

The processing time takes longer

c)

It generates a one-time code for every transaction

d)

The transaction is through a 3rd party check for ID theft

34.

Which of the following passwords is the most secure?

a)

03011999 - it's my birthday

b)

password - easy to remember

c)

Football2018 - a combination of letters & numbers

d)

#mhalll+1! - a combination of letters, numbers, & characters

35.

Which government agency oversees & provides information on identity theft?

a)

Federal Communications Commission

b)

Department of the Treasury

c)

Federal Trade Commission

d)

None

36.
To build a positive credit history, I should pay cash for all purchases.
a)
True
b)
False
37.
Routinely paying my bills late could negatively affect my credit history.
a)
True
b)
False
38.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
39.
If my credit card allows me to charge up to $1,000, I should charge the maximum amount to build my credit history.
a)
True
b)
False
40.
Paying the entire amount on my credit card creates a bad credit history.
a)
True
b)
False
41.
I should review my credit report for errors.
a)
True
b)
False
42.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
43.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
44.

This agency insures most commercial banks up to $250,0000.

a)

BBB

b)

IRS

c)

FDIC

d)

CPSC

45.

The PIN Number of your debit/ATM card should be

a)

your birthday

b)

your address

c)

unique, only you know

46.

ATM Fees occur when

a)

you use your own bank's ATM

b)

you use another bank's ATM.

c)

you transfer funds to someone else.

47.

An automatic deposit on a paycheck without having to take a physical check to the bank.

a)

ATM

b)

Online Access

c)

Safety Deposit Box

d)

Direct Deposit

48.

A term used to indicate that the depositor's account is inadequate to cover the check. The transaction does not go through.

a)

Penalty

b)

ATM

c)

Insufficient Funds

d)

Personal Loan

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