Free Printable 1-21 Practice

1.

A for-profit financial institution that is federally licensed to receive deposits and issue loans.

a)

Bank

b)

Credit score

c)

Cash

d)

Check

2.

A for-profit financial institution that is federally licensed to receive deposits and issue loans.

a)

Bank

b)

Credit score

c)

Cash

d)

Check

3.

Money in coins or notes.

a)

Bank

b)

Credit score

c)

Cash

d)

Check

4.

A credit score is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports.

a)

Bank

b)

Credit score

c)

Cash

d)

Check

5.

A written, dated, and signed draft that directs a bank to pay a specific sum of money to a person or company.

a)

Check

b)

Minimum Balance

c)

Checking account

d)

Cash

6.

The smallest amount of money that must be kept in a bank account to avoid fees or to keep the account open

a)

Check

b)

Minimum Balance

c)

Checking account

d)

Cash

7.

An account at a financial institution into which money is deposited and from which checks can be written for purchases or services; may be used to receive wages and pay bills

a)

Check

b)

Minimum Balance

c)

Checking account

d)

Cash

8.

The amount of money you have in your bank account at any given time.

a)

Positive interest

b)

Balance

c)

Account Statement

d)

Checking account

9.

A summary of all transactions in your bank account over a specific period, usually sent monthly by your bank.

a)

Positive interest

b)

Balance

c)

Account Statement

d)

Checking account

10.

The money a bank pays you for keeping your money in a savings or from investments, or the

a)

Positive interest

b)

Balance

c)

Account Statement

d)

Checking account

11.

extra money you pay when borrowing calculated as a percentage

a)

Negative interest

b)

Savings Account

c)

High Yield Savings Account

d)

Debit Card

12.

An interest-bearing account used to hold money for short- or long-term goals or emergencies. Individuals can add to this account at any time, but certain types of withdrawals may be limited.

a)

Negative interest

b)

Savings Account

c)

High Yield Savings Account

d)

Debit Card

13.

A type of savings account that pays higher-than-average interest rates on deposits.

a)

Negative interest

b)

Savings Account

c)

High Yield Savings Account

d)

Debit Card

14.

Debit Card

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

15.

Credit Union

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

16.

Emma heard about Credit Unions but she doesn't know exactly what they are. Choose the correct answer to help her understand.

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

17.

Transaction

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

18.

Isla noticed a transaction on her bank statement.

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

19.

Deposit

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

20.

Avery wants to add money to her savings account. What is this action called?

a)

Cards withdraw money already in your account

b)

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

c)

Any activity involving money going into or out of your bank account, such as deposits, withdrawals, or transfers.

d)

Money added to an account.

21.

Withdrawal

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

22.

Kai went to the bank to perform a withdrawal.

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

23.

Transfer

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

24.

Harper wants to move some money from her savings account to her checking account. What is this process called?

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

25.

Electronic Payment

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

26.

Evelyn wants to make a purchase online. Which method should she use?

a)

Taking money out of your bank account either through an ATM, at a bank, or by writing a check.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

27.

Federal Deposit Insurance Corp (FDIC)

a)

A government-run organization that insures customers’ bank deposits up to $250,000 if the bank fails. The National Credit Union Administration is the equivalent for credit unions.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

28.

Abigail recently opened a savings account and is curious about how her deposits are protected. She learns about the Federal Deposit Insurance Corp (FDIC).

a)

A government-run organization that insures customers’ bank deposits up to $250,000 if the bank fails. The National Credit Union Administration is the equivalent for credit unions.

b)

An automatic deposit to your account made by your employer or an outside agency (e.g, a pension or government benefit payment). These are usually recurring and can be used instead of depositing a paper check.

c)

Moving money from one bank account to another, either within the same bank or between different banks

d)

A payment where funds are transferred from one party to another using electronic means such as online payment systems or mobile payments.

29.

Do checking accounts come with any fees?

a)

No, they are completely fee-free

b)

Yes, they may have overdraft, ATM, and monthly maintenance fees

c)

No, but they have high minimum balance requirements

d)

Yes, but only for senior citizens

30.

Avery is considering opening a checking account. Do checking accounts come with any fees?

a)

No, they are completely fee-free

b)

Yes, they may have overdraft, ATM, and monthly maintenance fees

c)

No, but they have high minimum balance requirements

d)

Yes, but only for senior citizens

31.

Which of the following is not a common feature of a checking account?

a)

Writing checks

b)

High interest rates

c)

Direct deposit

d)

ATM access

32.

Scarlett is opening a new bank account. Which of the following is not a common feature of a checking account?

a)

Writing checks

b)

High interest rates

c)

Direct deposit

d)

ATM access

1-21 Practice

Total questions: 32

Worksheet time: 16mins

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