WorksheetsAccounting & Banking Test
Total questions: 22
Worksheet time: 11mins
What is the primary purpose of a bank?
To sell goods
To provide financial services
To manufacture products
To create laws
What is a checking account used for?
Saving money
Making everyday transactions
Investing in stocks
Earning high interest
What does the Federal Reserve do?
Manages the country's education system
Controls the supply of money
Oversees the healthcare system
Regulates international trade
What is interest in banking terms? (Multiple correct answers)
The cost of borrowing money
A penalty for late payments
A return earned from savings and investments
A type of insurance
What is a savings account primarily used for?
Daily expenses
Long-term savings
Buying stocks
Paying taxes
What is a loan?
A gift of money
Money borrowed that must be repaid
A type of insurance
A form of currency exchange
What is a budget?
A plan for spending and saving money
A type of bank account
A financial penalty
A government tax
What is a credit card?
A card that stores cash
A card used to borrow money for purchases
A card that tracks spending
A card that earns interest
What is the main function of the Federal Reserve?
Responsible for establishing the federal budget
To regulate the banking system
Provides banking services to consumers
Provides financial assistance to local governments
What is a deposit?
Money taken out of an account
Money put into an account
A type of loan
A financial penalty
What is a withdrawal?
Money put into an account
Money taken out of an account
Closing a bank account
A bank fee
What is a mortgage?
A loan to buy a car
A loan to purchase a home
A type of savings account
A form of insurance
What is the purpose of a bank statement?
To show the history of transactions in an account
To provide a list of bank employees
To outline bank policies
To advertise bank services
What happens when too much money is in circulation? (Federal Reserve Video)
Deflation
Money gains value
Goods cost less
Inflation
What is the purpose of a credit score?
Predicts how likely you are to repay a loan or other debt
Is the measure of your financial status
Directly reflects your income, marital status, and other personal details
The record of your buying habits and bank account balances
What is a stock?
A type of bank account
A share of ownership in a company
A government bond
A form of currency
What is inflation?
A decrease in the price of goods
An increase in the price of goods and services
A type of bank account
A form of investment
What is the purpose of a central bank?
To manage a country's monetary policy
To provide loans to individuals
To sell consumer goods
To create new laws
Your Mom's credit card's interest rate (APR) is 21.9%.
The minimum payment due each month is 3% of her starting balance.
Your Mom pre-orders you a PlayStation 5 Pro Console on her credit card for $741.99.
Her first payment will be due in 4 weeks. What will she be charged for interest?
$16.25
$21.90
$162.50
$222.60
Your Mom's credit card's interest rate (APR) is 21.9%.
The minimum payment due each month is 3% of her starting balance.
Your Mom pre-orders you a PlayStation 5 Pro Console on her credit card for $741.99.
Her first payment will be due in 4 weeks. What will her minimum payment be?
$741.99
$222.60
$24.49
$22.26
When you include the purchase price of $741.99 plus the 21.9% interest being charged, how much will the balance be on your Mom's first credit card statement?
$904.49
741.99
$758.24
$763.89
Antonio does not like carrying cash or writing checks, but he wants to have access to his money in his account for daily use. What service that fits his preferences can a bank offer him?
saving account
Credit Card
Debit Card
Deposit Box
