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FINANCIAL SERVICES GRADE 11

Total questions: 36

Worksheet time: 23mins

Name
Class
Date
1.

The PRIMARY difference between a debit card and a credit card is

a)

credit cards charge interest and debit cards pay interest.

b)

credit cards pay interest and debit cards change interest.

c)

credit cards charge interest and debit cards directly deduct funds from your account.

d)

credit cards directly deduct funds from your account and debit cards allow you to buy now/pay later.

2.
A commercial bank...
a)
is a financial institution that focuses on taking deposits and using them to fund mortgages.
b)
is a non-profit institution owned by its members and provides financial services to its members.
c)
offers a broad range of deposit accounts and gives loans to individuals and businesses. 
d)
is a financial institution for businesses only
3.
Which of the following insurance covers vehicles?
a)
Mortgage
b)
Racing
c)
Automobile
d)
Life
4.
When comparing and contrasting savings and investing, which of the following is true?
a)
Savings is used to pay for long-term goals, while investing is used to pay for emergencies.
b)
Savings is less liquid than investing.
c)
Savings provides the foundation for financial security, while investing is used to pay for long-term goals, such as retirement
d)
Savings and investing both help a person stay at their current level of living.
5.
Which one of the following are financial institutions?
a)
bank and credit union
b)
library and hospital
c)
school and museum
d)
Starbucks and Wal-Mart
6.
Which services is a bank likely to offer?
a)
net deposit and balance
b)
online banking and savings accounts
c)
check writing and car wash
d)
credit card and Tootsie Rolls
7.
Banks offer different kinds of accounts because:
a)
Different customers have different needs
b)
They have to by law
c)
It seems like the fun thing to do
d)
They are greedy
8.

What do we call a fee that is collected for using someone's money?

a)

Deposit

b)

Interest

c)

Loan

d)

Check

9.
Would a car payment be a fixed or flexible expense?
a)
Fixed
b)
Flexible
10.
You should keep money that you do not use everyday in your checking account
a)
True
b)
False
11.
Your emergency fund should cover ________ months of living expenses in case of job layoff or illness
a)
10-12
b)
24
c)
2-4
d)
6-8
12.
Certificates of Deposit are the most liquid savings option
a)
True
b)
False
13.
Liabilities are debts or money owed to others
a)
True
b)
False
14.

One pro of basic savings accounts is ...

a)

the interest rate is higher than a money market account.

b)

there are no or low minimum balance requirements.

c)

there is a limit of three transactions a month.

d)

the ability to write an unlimited number of checks.

15.

Give a banking term which means the opposite of deposit (a)  

16.

A debit card can be used to purchase things online:

a)

True

b)

False

17.

an arrangement by which people borrow money from a bank to buy a house, and pay back the money over a period of years

a)

mortgage

b)

overdraft

c)

share

d)

refund

18.

a special machine through which you can do bank transactions

a)

Cash dispenser

b)

Automated Teller Machine

c)

Cashpoint

d)

Checkout

19.

One of the equal parts into which the ownership of a company is divided

a)

Mortgage

b)

Refund

c)

Overdraft

d)

Share

20.

The kind of bank that provides services for customers and businesses and that is used by most ordinary people

a)

Investment bank

b)

Merchant bank

c)

Commercial bank

d)

Central bank

21.

The coins and paper bills used as money in a society

a)

Prices

b)

Currency

c)

Bond

d)

Checks

22.

What is a mortgage used to purchase?

a)

Car

b)

Real Estate

c)

College Tuition

d)

Business Expenses

23.

A small plastic card that you use to buy goods or services (even if you don't have the amount on your account at the moment).

a)

Debit card

b)

Credit card

c)

Cash card

24.

A special plastic card that you can use to pay for things directly from your bank account.

a)

Credit card

b)

Cash card

c)

Debit card

25.

The money that you get back when you have paid for something giving more money than the amount it costs.

a)

refund

b)

change

c)

receipt

d)

share

26.

The money that you make in business or by selling things, especially after paying the costs involved.

a)

bargain

b)

discount

c)

profit

d)

fortune

27.

A certificate of deposit...

a)

Is a certificate that verifies your deposit

b)

Is a certificate that verifies your bank information

c)

Is a deposit that does not earn interest over a term

d)

Is a deposit that earns interest over a term

28.

DEFINE interest.

a)

Money paid at a rate for money lent, delaying repayment

b)

Money paid for paying a debt in a timely manner

c)

Money paid for investment success

d)

Money paid for investment failure

29.

The most common relationship between risk and return in investing can be state as:

a)

Higher risk indicates lower return

b)

Higher risk indicates higher return

30.

A company that is not publicly traded is said to be ________.

a)

Private

b)

Public

c)

Bonded

d)

Aggressive

31.

Mutual funds are ______.

a)

Speculative investments that are managed without fees

b)

Diversified investments comprised of a variety of stocks and bonds

32.
Ownership in a publicly traded corporation
a)
CD-certificate of deposit
b)
Money Market 
c)
Treasury bill
d)
Stock
33.
When things are more expensive next year than this year that it is called . . . 
a)
deflation
b)
inflation
c)
inspiration
d)
insultation
34.

What is the primary reason to issue stock?

a)

To help investors earn a higher rate of return

b)

To raise money to grow the company

c)

To distribute the risk of bankruptcy across more investors

d)

To increase investor awareness of the company

35.

Which investment is the most risky?

a)

bond

b)

stock

c)

mutual fund

d)

savings account

36.

Which type of investment is the least risky?

a)

stock

b)

bond

c)

mutual fund

d)

savings account

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