WorksheetsBanking Basics/Salary Terms
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…
a)
Retirement, a house down payment, college tuition
b)
A new cell phone, college tuition, a house down payment
c)
A new cell phone, dinner with friends this weekend, a new bike
d)
Retirement, college tuition, a vacation
2.
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
a)
Your credit card company covers the cost
b)
It is deducted directly from your checking account
c)
Your credit card company provides you with a cash advance to cover the cost
d)
It is deducted directly from your savings account
3.
Which of the following transactions will REDUCE your checking account balance immediately?
a)
Writing your monthly rent check which you will mail tomorrow
b)
Using your debit card to pay for groceries at the supermarket
c)
Using your credit card to pay for your school books
d)
Depositing a check at a local bank branch
4.
A credit union is for profit.
a)
True
b)
False
5.
All of the following are benefits of using a checking account EXCEPT…
a)
Multiple options for using funds to make payments
b)
Checking accounts act as a good savings vehicle
c)
Access to cash via ATMs
d)
Your money is protected by FDIC insurance
6.
Alex wants to become an electrician. He works for a couple of years learning the trade from a professions. Alex is a (an) __?__
a)
Intern
b)
Apprentice
c)
Hourly worker
d)
Professional
7.
You work at Harris Teeter while you are in high school. This is considered to be a __?__
a)
Career
b)
Internship
c)
Job
d)
Apprenticeship
8.
Which of the following is NOT an example of a savings account?
a)
Money Market
b)
High Yield
c)
Debit Card
d)
CD
9.
Which of the following is NOT a characteristic of a a debit card?
a)
Is a loan from a bank
b)
Is convenient
c)
Comes straight from your checking account
d)
Can be used at an ATM
10.
What type of savings account has a penalty for early withdrawal?
a)
Traditional savings
b)
CD
c)
High Yield Savings
d)
Money Market
11.
Which of these is NOT an example of a withdrawal (takes money out) of your account?
a)
Check written
b)
Cash taken at the ATM
c)
Interest earned
d)
Service charge
12.
All of the following are ways that credit and debit cards are alike EXCEPT
a)
They can cause unnecessary debt
b)
They have fraud protection
c)
They replace cash
d)
They are easy to use
13.
You are a car salesman and you sell a car that is $20,000. You receive $1000 for that sale. The $1000 is your ___?__
a)
Salary
b)
Benefit
c)
Commission
d)
Bonus
14.
You make $400 this paycheck because you worked 40 hours. You are considered to be a __?__ worker.
a)
Bonus
b)
Hourly
c)
Salary
d)
Commision
15.
You did a great job this past year at work. As a result you get an extra $500 in December. This amount is considered to be a __?__
a)
Overtime
b)
Salary
c)
Bonus
d)
Commision
16.
Healthcare, vacation time and retirement plans are examples of __?__
a)
Wages
b)
Benefits
c)
Salary
17.
Working at a fireworks store during the 4th of July is considered to be a __?__
a)
Salary worker
b)
Seasonal Worker
c)
Hourly Worker
d)
Commission Worker
18.
You become an engineer after completing your degree in college. Being an engineer is your __?__.
a)
Job
b)
Apprenticeship
c)
Internship
d)
Career
19.
A teacher gets a certain amount of money every year regardless of the number of hours they work. Teachers get paid a __?__
a)
Seasonal
b)
Salary
c)
Hourly
d)
Commision
20.
An employee works 48 hours one week. The extra 8 hours is considered __?__
a)
Salary
b)
Overtime
c)
Bonus
d)
Commission
100 %
