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Credit/Banking Test

Total questions: 31

Worksheet time: 16mins

Name
Class
Date
1.
What is the ability to borrow money or acess goods or services with the understanding that you WILL pay later?
a)
Report
b)
Debit
c)
Debt
d)
Credit
2.
Banks, credit unions, credit card issuers and other creditors HAVE to report your borrowing and repayment information to the credit bureaus.
a)
True
b)
False
3.
Which of the following credit bureaus complies your credit reports: (select all that apply)
a)
Experian
b)
TransUnion
c)
Equifax
d)
Carfax
4.
Your credit report doesn't have to include the number of credit card accounts you have.
a)
True
b)
False
5.
Credit reports have the credit card borrowing limits and current outstanding balances.
a)
True
b)
False
6.
Credit Reports include the following information: (select all that apply)
a)
Amount of any loans you've taken out and how much of them you've paid back
b)
Your monthly payments for your accounts were made on time, late, or missed altogether
c)
Financial setbacks like mortgage foreclosures, car repossessions, and bankruptcies
d)
Credit card borrowing limits and current outstanding balances
7.
An Excellent credit score is:
a)
350-579
b)
800 +
c)
740-799
d)
670-739
8.
A Good credit score is:
a)
350-579
b)
800 +
c)
740-799
d)
670-739
9.
A Very Poor credit score is:
a)
350-579
b)
800 +
c)
740-799
d)
670-739
10.
What type of credit is issued by retailers for use exclusively in their establishment, charge cards are relatively rare these days.
a)
Service Credit
b)
Charge Cards
c)
Installment Credits
d)
Revolving Credit
11.
What type of credit is given a maximum borrowing limit and you can make charges up to that limit
a)
Service Credit
b)
Charge Cards
c)
Installment Credits
d)
Revolving Credit
12.
What type of credit is a loan for a specific sum of money you agree to repay, plus interest and fees, in a series of equal monthly payments(installments) over a set period of time.
a)
Service Credit
b)
Charge Cards
c)
Installment Credits
d)
Revolving Credit
13.
What type of credit is contracts with service providers knowing that each month you will pay for them after the fact.
a)
Service Credit
b)
Charge Cards
c)
Installment Credits
d)
Revolving Credit
14.
What is an example of Revolving credit?
a)
Target card
b)
Gas, electric, wifi
c)
Student loans, car loans, and mortgage
d)
Credit card
15.
What is an example of Charge Cards
a)
Target card
b)
Gas, electric, wifi
c)
Student loans, car loans, and mortgage
d)
Credit card
16.
What is an example of Installment Credit?
a)
Target card
b)
Gas, electric, wifi
c)
Student loans, car loans, and mortgage
d)
Credit card
17.
What is an example of Service Credit?
a)
Target card
b)
Gas, electric, wifi
c)
Student loans, car loans, and mortgage
d)
Credit card
18.

Is a method for managing customer money used to make purchases and pay bills.

a)

Checks

b)

Savings Account

c)

Checking Account

d)

Overdraft

19.

You can use this to type of banking account to make deposits and use the money whenever needed

a)

Paying account

b)

Savings account

c)

CD

d)

Checking account

20.

Is a sequence of digits used to identify the customer's bank

a)

Debit card

b)

Routing number

c)

Account number

d)

Check number

21.

Is a sequence of digits used to identify the customer's checking account.

a)

Routing number

b)

Account number

c)

Check number

d)

SSN

22.

What 3 things can be found on a check? (More than 1)

a)

Routing Number

b)

Date of Birth

c)

Account Number

d)

Customer's address

23.

Is a plastic card used to make purchases, pay bills, and withdraw cash using the customer's checking account.

a)

Prepaid debit card

b)

Reloadable debit card

c)

Debit card

d)

Credit card

24.

Are cards that have a specific amount of money assigned to them.

a)

Prepaid debit card

b)

Reloadable debit card

c)

Debit card

d)

Credit card

25.

What are prepaid cards that can have more money assigned to them when all of the money runs out

a)

Prepaid debit card

b)

Reloadable debit card

c)

Debit card

d)

Credit card

26.

Penalties charged to the checking account when a customer makes a purchase for more money than is in the checking account.

a)

Debit fees

b)

Penalty fees

c)

Overdraft fees

d)

Insufficient funds

27.

Is a bank storing money that the customer does not plan on using until later.

a)

Saving account

b)

Checking account

c)

Credit account

d)

Banking account

28.

Is a timed savings plan in which the money cannot be used until an agreed end date.

a)

Savings account

b)

Checking account

c)

Certificate of Deposit

d)

Certificate of Debit

29.

IRAs are a special savings account in which you can access money before retirement.

a)

True

b)

False

30.

FDIC stands for "Federal Deposit Illegal Corporation."

a)

True

b)

False

31.

If the bank "fails" and loses the customers' money, the FDIC will ensure that the customer's money is made available to them if the bank cannot provide it.

a)

True

b)

False