WorksheetsFinancial Literacy Banking Quiz
Total questions: 40
Worksheet time: 20mins
What does the D stand for in DAMPER?
debit
deposit
date
none of these
Liquidity refers to:
how difficult it is to access your money
how easy it is to access your money
how your investments can grow faster
how your investments can gain a better interest rate
Which of the following is the safest way to obtain a loan?
payday lenders
the FDIC
bank loan officers
Mrs. Conte
What is a good way to use an ATM?
use only your "home" bank to avoid fees
use the ATM whenever you feel like it
use ATM locations other than your "home" bank to avoid fees
use the ATM only for gas money
The A in "DAMPER" stands for:
access
annual percentage rate
amount
ATM
The first set of numbers on the lower left corner of a check indicates:
the check number
the address of the payee
the routing numbers
none of these
Which type of bank account typically offer no interest?
savings
Money Market
certificate of deposit
checking
Why balance your checking account?
to see how much your balance is (what you have left)
to estimate how many checks to write
to make Mrs. Conte happy!
to stop identity theft from happening
A Customer Service Representative at TDBANK will:
cash your checks
set you up with a loan
answer your general questions
tell you to go back to your Financial Literacy class
The Federal Reserve Act:
created the Federal Reserve System
was signed into law by President Woodrow Wilson
was established in 1913
all of these
How does the Fed control the money supply?
they buy government securties
they sell government securties
they determine interest rates
all of these
The primary goal of the Fed is to:
ensure interest rates stay high
keep banks informed on economics
provide budget recommendations for the government
maintain a safe and stable banking system
Which of the following typically have the highest fees?
credit union
payday lender
retail bank
online bank
A report that accounts for the differences between your check register and the bank statement:
check register
bank reconciliation
cashier's check
certified check
How might you avoid ATM fees?
use ATMs close to your home
use ATMs to withdraw cash only
use Mrs. Conte's ATM!
use the ATM in your bank's network
Which endorsement will transfer a check from one person to another?
blank
restrictive
special
none of these
If you need to set up direct deposit, what information from your check will you need?
check number
memo line or "for" line
routing number
numerical amount
How much does the FDIC insure a person for in each bank if in fact it is FDIC-insured?
100,000
200,000
250,000
300,000
Which of the following manages the personnel in a bank?
bank teller
branch manager
loan officer
customer service representative
When you deposit a check by mail, which of the following endorsements should you use?
blank
special
restrictive
corrective
What does it mean if you are charged an overdraft fee?
you need to endorse the check properly
you took more money out of your account than the account balance
you cashed too many checks in one month
none of these
Them M in DAMPER stands for:
money
mimimum
maximum
maker
The endorsement is the signature on the:
front of the check
side of the check
back of the check
none of these
A computer terminal that allows you to withdraw cash from an account is called a(n):
overdraft machine
teller machine
automated teller machine
none of these
The set of numbers that appear in the top right-hand corner of the check indicates the:
bank routing number
bank account number
member number
check number
The P in DAMPER stands for:
paper
payee
payment
process
A grace period of two days will be given if you go over the balance that is in your account.
TRUE-banks are considerate in this respect.
FALSE-yeah, right........ KNOW what your balance is. Why do you think your'e taking Financial Literacy???????????
What can happen if you don't keep the required minimum balance in your account?
you will have 2 days to move the money to the account
the bank will take it from another account
you will be charged a minimum balance fee
The Bank will remind you to keep good records so this doesn't happen!
A savings account has ____liquidity & offers ____interest.
low, high
high, high
high, low
low, low
The R in DAMPER stands for:
routine
ranking
required fee
routing numbers
Which of the following requires membership (ex: members of the military)?
retail bank such as TDBANK or WELLS FARGO
credit union such as VISIONS FEDERAL CREDIT UNION
Which options can be used to make a payment to another person?
personal check
traveler's check
cashier's check
all of these
Not all banks will insure your deposit through the FDIC.
TRUE
FALSE
You should record the following in a check register when writing a check:
date and check number
debit or credit amount and balance
transaction or description
all of these
Which of the following are required to open a checking account?
identification in two forms
signature card filled out
money to deposit
all of these are required
Which is the MOST liquid?
checking
savings
CD
money market account
Which is the least liquid?
checking
savings
CD
money market account
Which feature allows a person to deposit checks from their phone?
autosave
autopay
online mobile app
direct deposit
Which bank feature pays bills automatically each month and is linked to a specific account?
autopay
autosave
autoloan
autocredit
Which person helps with account transactions including withdrawals and deposits?
branch manager
bank teller
loan officer
customer service representative
