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WorksheetsPrinciples of Money Vocab Quiz
Total questions: 20
Worksheet time: 10mins
What is cash?
A type of electronic payment
Physical coins and paper bills
A digital currency
A type of credit card
Which of the following is a characteristic of a check?
It is a digital currency
It is a written order to pay someone from your bank account
It is a type of credit card
It is a form of cash
What is a credit card used for?
To store physical cash
To borrow money for purchases
To write checks
To deposit money into a bank account
Analyze the impact of using checks in today's digital world.
Checks are the most common form of payment
Checks are rarely used and have little impact
Checks are still used for specific payments and offer a paper trail
Checks have been completely replaced by digital payments
Plan a strategy for safely using a credit card to avoid debt.
Use the card for all purchases
Pay the full balance each month
Only pay the minimum amount due
Ignore the credit card bill
What is a difference between cash and a debit card?
Cash is digital, debit cards are physical
Cash can be lost or stolen, debit cards are safer
Cash is linked to a bank account, debit cards are not
Cash is a type of credit, debit cards are not
How does a debit card work?
It allows you to borrow money
It is linked directly to your bank account
It is a form of cash
It is a type of check
Design a plan to manage your monthly expenses using a debit card.
Spend without tracking
Track all expenses and ensure they do not exceed your bank balance
Use the debit card only for large purchases
Withdraw all money as cash
What is an electronic banking transfer?
A method to write checks
A way to manage money online
A type of physical currency
A form of credit card payment
Develop a comprehensive plan for using different financial instruments to manage a monthly budget.
Use only cash for all transactions
Use a combination of cash, debit cards, and electronic transfers to track and manage expenses
Use only credit cards to earn rewards
Use checks for all payments
What is a similarity between a check and a debit card?
Both are forms of cash
Both are linked to a bank account
Both are types of credit cards
Both are digital currencies
Why might someone choose to use a credit card instead of cash?
To avoid paying interest
To borrow money for purchases
To avoid carrying physical currency
To write checks
What is an electronic funds transfer (EFT)?
A physical transfer of cash
The electronic movement of money between accounts
A type of credit card transaction
A method to write checks
Investigate how electronic funds transfers have changed the way people manage their finances.
They have made it harder to track spending
They have made managing finances more convenient and faster
They have increased the use of cash
They have eliminated the need for bank accounts
Evaluate the benefits and drawbacks of using cash versus electronic banking transfers.
Cash is always safer than electronic transfers
Electronic transfers are more convenient but require internet access
Cash is more convenient than electronic transfers
Electronic transfers are slower than cash transactions
Consumers can purchase items now and pay for them later.
Debit Card
Credit Card
Both
Rosa’s gas pump went out as she was driving her car to work. Since she did not have enough money to cover the cost to replace the pump, she used a card that allowed her to pay later. What card did she use?
Debit Card
Credit Card
Both
To avoid carrying cash, Ned pays for his lunch using this card. Each time he uses this card his checking account decreases. Which card did he use?
Debit Card
Credit Card
Both
Joseph applied for a card and was approved with a monthly spending limit for $200. Which type of card did he get?
credit card
debit card
either type of card
neither type of card
Tanya has a card issued to her by her bank that is linked to her checking account at the bank. Any charges she makes on the card are directly withdrawn from her account. Which type of card does Tanya have?
credit card
debit card
either type of card
neither type of card
