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Worksheets

Banks

Total questions: 20

Worksheet time: 11mins

Name
Class
Date
1.

What is the act of putting money aside on your paycheck for future use called?

a)

Paying someone first

b)

Paying yourself first

c)

Paying someone second

d)

Paying yourself second

2.

What is a savings certificate with a fixed maturity date and specified fixed interest rate?

a)

Credit

b)

Savings Tools

c)

Certificate of Deposit

d)

Money

3.

What will happen if you withdraw a CD before maturity?

a)

You pay a penalty

b)

You get payed dividends

c)

Your stocks get sold

d)

You lose your insurance

4.

Which institutions charge the highest interest rates on loans?

a)

Pawn shops

b)

Payday lenders

c)

Schools

d)

Finance companies

5.

What is a non profit financial cooperative owned by its members that provides credit and other financial services?

a)

Schools

b)

Credit Unions

c)

Banks

d)

Insurance

6.

What is an advantage of a credit union?

a)

lower fees

b)

higher fees

c)

lower rates

d)

higher rates

7.

What is the line that credit that banks offer to their customers to cover their overdrafts.

a)

Underdraft

b)

Overcharging

c)

Overdraft

d)

Well being

8.

Interest earned on interest

a)

Compact Interest

b)

Interest

c)

Banks

d)

Compound Interest

9.

How money changes over time, money earned today is worth more than money in the future because you can earn interest

a)

Compounding

b)

Interest

c)

Degenerating Money

d)

Time Value of Money

10.

What are the 2 greater liquidity savings tools?

a)

Savings Account

b)

CD

c)

Checking Account

d)

Money Market

11.

What are 2 examples of lesser liquid savings tools?

a)

Savings Account

b)

Money Market

c)

CD

d)

Checking Account

12.

What formula is useful for financial estimates and understanding the nature of compound interest?

a)

Rule of 2

b)

Compounding

c)

Rule of 72

d)

Doubling

13.

What is the name of the accounting process that uses two sets of records to ensure figures are accurate and in agreement?

a)

Negotiating

b)

Sales Agreement

c)

Accounting

d)

Reconciliation

14.

A loan that is offered by many tax preparation companies to people against their income tax return.

a)

Collateralize Loan

b)

Complex Loan

c)

Regular Loan

d)

Refund Anticipation Loan

15.

There are 4 common types of savings tools, ordered from lowest to highest by interest rates. A. checking accounts, savings accounts, money market deposit accounts, and certificates of deposit

a)

Checking,Savings,Money Market,CD

b)

Checking,Savings,CD,Money Market

c)

Savings,Checking,Money Market,CD

d)

Savings,Money Market,Checking,CD

16.

What are the different savings tools a bank offers?

a)

Savings Account

b)

Taxes

c)

Money Market

d)

Checking Account

17.

What is a financial institution that accepts deposits and channels the money into lending activities?

a)

Credit

b)

Commercial Banks

c)

Credit Unions

d)

Insurance

18.

What is the act of paying money back after attending a college/university.

a)

Insurance

b)

Applying for a Loan

c)

Loan Repayment

d)

Banks

19.

What is the unique number you must use to access an ATM.

a)

Bank Number

b)

Insurance

c)

Access Code

d)

A PIN Number

20.

Different types of banks

a)

Commercial Banks

b)

Deposits

c)

Insurance Agencies

d)

Credit Unions