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WorksheetsFinancial Literacy
Total questions: 48
Worksheet time: 32mins
You can continue to write checks as long as you have checks in your checkbook.
True
False
What do we call a fee that is collected for using someone's money?
Deposit
Interest
Loan
Check
Which statement best describes purchases made with a debit card?
Purchases made with this card are subject to interest.
Purchases made with this card can be paid over time.
Purchases made with this card are withdrawn directly from a bank account.
Purchases made with this card are subject to a credit limit.
What is saving?
Accumulation of excess funds by intentionally spending less than you make
Cash set aside to cover the cost of unexpected events
A monetary asset that contributes to your net worth
Money available today that is worth more if received in the future
Which is not part of a checking account?
ATM card
Checks
Stocks
Online bill pay
What is a check?
An automated teller machine
A plastic card that requires a pin number and is attached to your bank account
A form of savings
Pre-printed form of payment that is attached to you bank account
When does overdraft occur?
When liquidity occurs
When stocks are sold at a high price then it was bought for
When your withdrawal from a bank account exceeds the available balance
When you purchase an item on credit
What is an advantage of on-line/Internet banking? (Check all that apply)
Allows you to deposit checks without going to the bank.
Allows you to transfer money between your checking and savings accounts
Allows you to pay bills from your bank account
Gives you access to your bank account and cash in a fast and paperless way
A Spending Plan is also known as a __________.
income
expenses
sales tax
budget
Mr. Porter wants to spend an extra $150 this weekend on a family outing to the state fair. Which of the following could be a way to adjust his budget to allow for the extra expense?
Work fewer hours this week
Work overtime
Give money to charity
Increase gasoline usage
Which of the following is an advantage of using a credit card?
Interest is charged for the use of a credit card.
Consumers can purchase things now, and pay for them later in the event of an emergency.
You could be a victim of identity theft.
This month Mando’s expenses are greater than his income. What are two actions Mando can take in order to balance his budget?
Increase expenses and decrease income
Decrease expenses and decrease income
Decrease expenses and increase income
Increase expenses and increase income
What is a plan for how you spend your money?
income
sales tax
budget
deposits
What is money you earn?
income
budget
assets
net worth
What is a loan?
A fee for maintaining or servicing your loan account
Money you borrow but must also repay
Something valuable that you own and can sell for cash
The cost of borrowing money
Credit unions offer the same services as banks, but are non-profit organizations led by a volunteer board of directors.
True
False
What does a bank do for you?
Keep your money safe while allowing you access to it
Charge you interest on the money they keep for you
Shine your shoes
Give you money when you ask politely
Matching your checkbook balance with the bank's balance is called:
paying bills
calling a loan
reconciliation
over-drafting
This will affect your bank balance whether or not you are aware of when it happens
direct deposits and automatic withdrawals
your landlord deposits your check into his account
monthly bank fees, overdraft fees, low balance fees
All of the above
Why is saving important?
because the future is unpredictable
because people need to buy goods and services to grow the economy
because protecting assets such as a house and vehicles is critical in case of accidents
because people need to support local banks and credit unions
Which method of payment most likely requires a personal identification number (PIN) to confirm electornic transfer of funds from an account?
credit card
debit card
cash
check
This is the fastest growing crime in America, occurs when a person steals your personal information, such as your social security number, and begins to get credit in your name.
Fraud
Identity Theft
Robbery
Shoplifting
Hackers can access your cell phone conversations and texts, just like they can your e-mails.
True
False
The best way to limit hackers from obtaining access to your information is to _________everything.
Trash
Keep
Burn
Shred
If you are the victim of stolen identity you must________.
Contact the fraud department
File a police report
Contact your bank
All of the Above
An ________________ goal is one you want to achieve in more than 12 months, but less than five years.
Long Term
Intermediate
SMART
Short Term
Deciding what is important to you helps you not to do impulsive or compulsive purchases.
True
False
Once you have your__________ goals , it’s time to create a plan to help you achieve these goals.
prioritized
identified
determined
written
When you choose a bank, you should keep three main points in mind: (Check all that apply)
convenience
location
cost
service
Virtual banks have a physical locations you are able to walk into and do your banking
True
False
It is important for you to keep your own _________ so you have an accurate idea of what is available for you to spend.
Records
Register
Checks
Receipts
A typical security system provided by a financial institution includes which of the following to their systems to protect against hackers.
Firewall
Security Questions
Passwords
Data Encryption
You should only access your account information from a secure computer location and always logout of your account when done.
True
False
