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Financial Literacy

Total questions: 28

Worksheet time: 20mins

Name
Class
Date
1.

Debit cards are a convenient way to pay because you don’t have to carry cash or take time to write a check.

a)

True

b)

False

2.

You should tell everyone your PIN number.

a)

True

b)

False

3.

Debit card purchases are “buy now, pay now” so you must have enough money in your account to cover your purchase.

a)

True

b)

False

4.

If you spend more money than is in your account, your bank will charge you a fee.

a)

True

b)

False

5.

When using a credit card, you will be charged interest if the balance is not paid within 30 days.

a)

True

b)

False

6.

A debit card is basically an electronic check.

a)

True

b)

False

7.

What is the machine called that is used to withdraw money and that is found in shopping centers, in convenience stores, and outside financial institutions?

a)

GWB (Great Wonderful Bank)

b)

ATM (Automatic Teller Machine)

c)

EBT (Easy Bank Teller)

d)

AMM (Awesome Money Maker)

8.

Which accounts usually pay interest?

a)

checking

b)

banking

c)

savings

d)

credit

9.

What does deposit mean?

a)

remove

b)

take away

c)

put into

d)

spilled

10.
Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?
a)
Pay the minimum amount due on credit cards and loans.
b)
Close any accounts that have a zero balance. 
c)
Make all monthly payments on or before due date. 
d)
Take out additional loans to pay off current debt. 
11.
One of the main features of a debit card is
a)
You have to pay interest on purchases
b)
You get to make payments over time
c)
The money comes directly from your checking account
d)
You have to apply for one
12.

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

a)

Credit Card

b)

Debit Card

c)

Bank Card

d)

Check

13.

RBI is responsible for ______.

a)

co-operation between state and central government.

b)

construction.

c)

the issue and supply of the Indian rupee and the regulation.

d)

None of these.

14.

Which of these are the functions of RBI?

a)

Banker to Banks

b)

Monetary Authority

c)

Controller of Credit

d)

Controller of Electricity

15.

The Imperial Bank of India, after its nationalization came to be known as ______.

a)

Reserve Bank of India

b)

State Bank of India

c)

United Bank of India

d)

Indian Overseas Bank

16.

When a bank lends money to a person or a business, they charge a small fee to make money. What is this fee called?

a)

Interest

b)

Savings

c)

Credit

d)

Cash flow

17.

When someone puts money into an account with a bank, this is called a ______.

a)

Fee

b)

Donation

c)

Deposit

d)

Loan

18.

Which one is the Bank of the Public?

a)

Commercial Bank

b)

Central Bank

c)

Both (a) and (b)

d)

None of the above

19.

Central Bank of india is :

a)

Reserve Bank Of India

b)

State Bank of India

c)

Central Bank of India

d)

Bank of india

20.

The emblem of RBI is :

a)

Leopard, Banana leaves

b)

Tiger, papaya leaves

c)

Panther, palm leaves

d)

Cheetah, Palm leaves

21.

________ methods have made it much easier to handle transactions without carrying cash.

a)

Contactless payment

b)

Biometric Authentication

c)

Merchant Account

d)

Digital payment

22.

The e-wallet app uses _________ to ensure only I can access my account.

a)

digital currency

b)

digital payment

c)

biometric

authentication

d)

merchant account

23.

_________ are not only faster but also more hygienic in today's world.

a)

QR Code

b)

Contactless Payments

c)

Biometric Authentication

d)

Merchant Account:

24.

The online store set up a ______ to accept payments through e-wallets like mine.

a)

cryptocurrency Wallet

b)

Digital Currency

c)

merchant account

d)

transaction history

25.
a bankcard linked to an individual’s checking account 
a)
debit card
b)
credit card
c)
check card
d)
electronic card
26.
Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer.
a)
True
b)
False
27.

Paying with coins or bills.

a)

Cash

b)

Gift Card

c)

Debit Card

d)

Cheque

28.

Giving a piece of paper to someone that shows how much money you want them to take out of your bank account for them to put into their account.

a)

Cash

b)

Electronic Money Transfer

c)

Cheque

d)

Debit Card