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Financial Literacy Mid-Term Review

Total questions: 45

Worksheet time: 34mins

Name
Class
Date
1.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

2.

Which of the following is TRUE about checks?

a)

You should endorse the back when writing a check

b)

The amount of money is only written in words

c)

Checks should show up on your statement within 30 days

d)

You should endorse the back when depositing a check

3.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
4.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is often a free service that prevents you from overdrafting.

d)

should be something you opt-out of so you don't pay overdraft fees.

5.
Which of the following fee(s) may banks charge you?
a)
Online Statement Fee
b)
Monthly Maintenance Fee
c)
In-Network ATM Fee
d)
Sufficient Funds Fee
6.

Mobile or email alerts for your checking account will NOT notify you of...

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Credit Card transactions

7.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
8.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)
Opening Depo
9.

Which of the following will DEFINITELY show up on your bank statement at the end of July?

a)

Ice cream bought with your debit card on July 16th

b)

A salad bought with cash on July 5th

c)

A birthday check you gave to your brother on July 30th

d)

An ATM withdrawal you made on June 21st

10.
Which of the following is TRUE of prepaid debit cards?
a)
They are issued by your bank & connect to your checking account
b)
There are usually minimal fees associated with them
c)
Prepaid cards can help build your credit
d)
They can be used as an effective budgeting tool
11.
Which of the following is NOT a common way most people are using P2P?
a)
To pay rent
b)
To pay off their credit cards
c)
To pay back friends
d)
To buy gifts
12.
What feature is LEAST important for a college student to look for in a checking account?
a)
Low minimum balance requirement
b)
Interest rate
c)
Fees
d)
ATM availability
13.
Which of the following is TRUE about Student Checking accounts?
a)
There are no minimum balance requirements
b)
They all expire only when you turn 24 years old
c)
They are offered only by 3 U.S. banks
d)
Some have monthly fees
14.
Which of the following is FALSE about check registers?
a)
It can help you identify mistakes in your bank statement
b)
It can help you avoid writing checks that cause an overdraft
c)
You can submit them to the bank and verify each transaction
d)
You know exactly how much money you have left to spend
15.
What is a typical overdraft fee?
a)
$5
b)
$15
c)
$25
d)
$35
16.

How can you protect your checking account when using online and mobile banking?

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Login to public wifi but don't log out

d)

Opt-out of alerts to notify you of unusual activity

17.

You have $30 in your acct. At the movies, you buy $22 tickets & $12 popcorn. What will happen?

a)

Charged an overdraft fee if you have overdraft protection

b)

Popcorn denied if you have overdraft protection

c)

Charged overdraft fee if don't have overdraft protection

d)

No fees if you have overdraft protection

18.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank
19.

What goes on the Pay to the Order of line on a check

a)

The business you are writing the check to

b)

The amount spelled out that you are writing the check for

c)

Your signature

d)

The item you are purchasing

20.

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

a)

Your credit card company covers the cost

b)

It is deducted directly from your checking account

c)

Your credit card company provides you with a cash advance to cover the cost

d)

It is deducted from your credit card account

21.

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

a)

Wait until your monthly statement arrives so you can check to see if those withdrawals are still there

b)

Wait a week as it is fairly common for the bank to catch mistakes like this

c)

Check your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.

d)

Contact your bank immediately as it appears that your account may have been hacked

22.

FDIC Insurance is....

a)

Optional coverage consumers can purchase so that their bank deposits remain safe

b)

Insurance bank branches can buy to protect their business against fraud and scams

c)

Required if you want to do online or mobile banking

d)

Protection for bank customers' deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

23.

Which TWO of the following statements are advantages of online banking?

a)

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

b)

With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement

c)

Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

d)

you can shop online only if your bank account has online banking

24.

If you are trying to protect your checking account information, it is dangerous to...

a)

Carry the PIN number for your debit card with you in your purse, wallet, or backpack

b)

Shred documents that have your account number on them

c)

Check your ATM and debit card transactions on a frequent basis

d)

Shop on secured websites when entering in your account information online.

25.
An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.
a)
Savings Account
b)
Certificate of Deposit (CD)
c)
Checking Account
d)
Money Market Account
26.
Interest paid periodically and paid on the principal plus interest earned.
a)
Simple Interest
b)
Compound Interest
c)
Hard Interest
d)
Double Interest
27.
A quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.
a)
Rule of 27
b)
Rule of Doubles
c)
20/10 Rule
d)
Rule of 72
28.
The phrase "pay yourself first" means to
a)
Treat yourself to something you want before spending any other money.
b)
Set money aside for your Christmas savings fund.
c)
put at least 10% of your income in a savings account before spending any money.
d)
Make sure all of your bills and other expenses are paid before saving money.
29.
You have a savings account with an average balance of $500, which bank has the better deal?
a)
Bank A with 10% annual interest rate and $5/month in fees
b)
Bank B with 2% annual interest rate and no fees
c)
They are the same
d)
Neither is a good choice
30.
Elizabeth is investing her money into an account that gives her an interest rate of 4%. How many years will it take her money to double?
a)
10
b)
12
c)
15
d)
18
31.
Fill in each blank with one word:
Research has shown that the more money you ____________, the _________ you feel.
a)
Spend, Better
b)
Earn, Happier
c)
Save, Sadder
d)
Save, Happier
32.
Which of the following is an effective strategy for personal saving?
a)
Wait until the end of the month and save whatever is left
b)
Save a certain percentage of each paycheck & do DD
c)
Cover all wants and needs and save whatever is left over
d)
Take out a loan
33.
Liz is investing her money with a rate of 4%. How many years will it take her money to double?
a)
10
b)
18
c)
15
d)
24
34.

Which of the following is a type of savings vehicle?

a)

Certificate of Deposit

b)

Money Market Account

c)

Checking Account

d)

Both A & B

35.

Which of the following is generally true about savings vehicles?

a)

Savings Vehicles are only useful for long-term investments

b)

People should evaluate different forms of savings vehicles based on their needs

c)

Savings vehicles are never insured

d)

All of the above

36.

A bank account that allows you to deposit/withdraw money at any time and earns interest is a

a)

money market fund

b)

money market deposit account

c)

regular savings account

d)

certificate of deposit

37.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

38.

An automatic electronic deposit of net pay to an employee's designated bank account

a)

Direct Deposit

b)

Checking Deposit

c)

Demand Deposit

d)

Checkable Deposit

39.
How many years will it take $4000 to double with a 5% interest rate?
a)
1440
b)
14.4
c)
55.5
d)
80
40.
What interest rate would you need to double $3500 in 9 years?
a)
7%
b)
10%
c)
8%
d)
38.8%
41.
What interest rate would you need to double $2500 in 12 years?
a)
5%
b)
6%
c)
34%
d)
16%
42.
How many years will it take to double your money with a 3% interest rate?
a)
24 years
b)
12 years
c)
4 years
d)
none of these
43.

What calculation should you do to answer the question:

How many years will it take $900 to double if the interest rate is 2%?

a)

72 divided by 2

b)

900 divided by 2

c)

2 divided by 100 times 900

44.

If Nate has money in the bank at 7.2% interest, how many years will it take his money to double? (type number only)

(a)  

45.

Jayvon put $600 in the bank at 6% and waited 12 years. How much will he have?

(a)  

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