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Rapid fire

Total questions: 35

Worksheet time: 43mins

Name
Class
Date
1.

What is Financial Literacy

a)

Knowledge about managing accounts

b)

Knowledge about coding

c)

Knowledge necessary to make important financial decisions.

d)

Knowledge about networking

2.

What are the advantages offered by bank ?

a)

Interest on deposits

b)

Safer

c)

Over withdrawal facilities

d)

All of the above

3.

KYC means are

a)

Know Your Customer

b)

Know your character

c)

Know your credit card

d)

None of the above

4.

Coins are issued by

a)

RBI

b)

Government of India

c)

Public sector banks

d)

None of the above

5.

Which currency note has security thread

a)

Rs. 50

b)

Rs. 100

c)

Rs. 500

d)

All of the above

6.

Can an illitrate person be issued a debit card

a)

No

b)

Yes

c)

Only in case of joint account

d)

Only in case he/she is head of family

7.

Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.

a)

True

b)

False

8.

You should tell everyone your PIN number.

a)

True

b)

False

9.

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

a)

True

b)

False

10.

A debit card is basically an electronic check.

a)

True

b)

False

11.

Which is required when depositing money into an account?

a)

include your account number

b)

swipe your credit card

c)

thank the teller

d)

sign your deposit ticket

12.

The amount left over from your paycheck after taxes and deductions are withheld is called ______________.

a)

balance

b)

transaction

c)

gross balance

d)

net pay

13.

You can continue to write checks as long as you have checks in your checkbook.

a)

True

b)

False

14.

Which accounts usually pay interest?

a)

checking

b)

banking

c)

savings

d)

credit

15.

What does deposit mean?

a)

remove

b)

take away

c)

put into

d)

spilled

16.

What does withdraw mean?

a)

put into

b)

transaction

c)

write a check

d)

remove

17.

The amount of money that you have in your bank account is known as a ...

a)

deposit

b)

balance

c)

withdrawal

18.

An expense that does not change from month to month is called ...

a)

variable expense

b)

profit

c)

fixed expense

19.

The money that you keep after all costs and expenses are paid is called ...

a)

balance

b)

profit

c)

financial institution

20.

The act of taking money out of a bank account is known as a ...

a)

deposit

b)

expenses

c)

withdrawal

21.
Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?
a)
Pay the minimum amount due on credit cards and loans.
b)
Close any accounts that have a zero balance. 
c)
Make all monthly payments on or before due date. 
d)
Take out additional loans to pay off current debt. 
22.
What is one advantage of using a credit card over a debit card?
a)
Using a credit card never has an advantage over using a debit card. 
b)
Colleges may look at a person's credit history before accepting them into school.
c)
Apartment managers or landlords may look at a person's credit history before renting. 
d)
Using a credit card responsibly can build positive credit history. 
23.
A score at 750 on your credit report is pretty good. 
a)
True
b)
False
24.
Credit cards take money directly out of your bank account. 
a)
True 
b)
False
25.
My house payment is the same every single month. This is an an example of a....
a)
profit
b)
variable expense
c)
fixed expense
26.
A plastic payment card linked to a financial account and is used for transactions.
a)
Debit Card
b)
Credit Card
c)
Checking Account
d)
Savings Account
27.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
28.

Credit cards can help you stay within your budget since you cannot spend more than what is in your linked bank account.

a)

True

b)

False

29.

Being financially responsible means that you check your account balance before making purchases.

a)

True

b)

False

30.

Giving your cousin your apple in exchange for his banana is an example of

a)

bartering

b)

stealing

c)

interest

d)

saving

31.

Money is this only thing people can donate.

a)

True

b)

False, people can donate money and food.

c)

False, you can donate money, food, clothes, other items, and time

32.
Money you receive after taxes is called:
a)
gross income
b)
net income
c)
salary
d)
pay day
33.
Money you receive before taxes is called:
a)
gross income
b)
net income
c)
pay day
d)
bank loan
34.
When you own a house, what type of tax do you pay on it?
a)
income tax
b)
sales tax
c)
property tax
d)
payroll tax
35.
Which type of tax do you pay once a year on any money you've earned?
a)
payroll tax
b)
income tax
c)
sales tax
d)
property tax

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