WorksheetsBYB L1U4
Total questions: 23
Worksheet time: 12mins
What is a bank primarily in the business of doing?
Making money for its shareholders
Providing free services
Offering high-interest loans
Storing gold
How do credit unions differ from banks?
They are in the business of making money for shareholders
They typically have lower interest rates for loans
They offer more locations
They charge higher fees
What is a checking account used for?
Keeping money to save
Keeping money to spend
Investing in stocks
Buying real estate
What is a savings account used for?
Keeping money to save
Keeping money to spend
Investing in stocks
Buying real estate
What is one benefit of putting money in a bank or credit union?
You can avoid all fees.
You don’t have to worry about losing cash.
You can spend more than you have.
You can avoid paying taxes.
What is an overdraft fee?
A reward for saving money
A penalty charge for spending more than you have in your account
A fee for using a credit card
A fee for opening a new account
What is the minimum balance requirement?
The maximum amount you can withdraw
The least amount you need to keep in your account to avoid paying extra fees
The amount you need to open an account
The amount you need to earn interest
What is a risk associated with online banking?
Guaranteed higher interest rates
Bank fraud and scams
Free access to all banking services
Unlimited withdrawals
Why should you never give your banking information over the phone, email, or text?
It is illegal
It can lead to bank fraud and scams
It will increase your account balance
It will improve your credit score
What is one thing you can do with a bank account that helps manage your money?
Buy stocks automatically
Set up automatic payment for expenses
Get free insurance
Avoid all taxes
What is the purpose of tax withholdings from your paycheck?
To increase your salary
To pre-pay your taxes
To save money for retirement
To pay for health insurance
What must you earn before becoming liable for paying taxes?
Maximum income
Average income
Minimum income
No income
How does the government provide tax return forms and instructions?
Only in person
Only through phone calls
Paper or online
Through television broadcasts
When is the typical tax season in the United States?
March-June
January-April
May-August
September-December
What is one of the first steps in filing taxes?
Calculate taxes owed
Submit paperwork to the government
Collect documents that show your income
Pay any penalties
What is a benefit of paying taxes?
Free travel
Access to government services
Exemption from all future taxes
Guaranteed loans
What should you do if you need help with taxes?
Ignore the problem
Talk to a tax professional
Wait until next year
Ask a friend
What is an important reason to file your taxes?
To avoid penalties
To get a new job
To make friends
To travel abroad
What is a prize scam?
Someone getting personal information by pretending to be a trustworthy source
Someone stealing personal information to pretend to be you
Someone telling you that you won a prize to get personal information
Someone hacking into your computer
What should you do if you receive a message that seems "too good to be true"?
Trust it immediately
Ignore it
Don't trust it
Share it with friends
What can financial scams cause besides losing money?
Improved credit score
Credit score damage
Increased savings
Better financial advice
What is a common emotional effect of financial scams?
Happiness
Stress and worry
Excitement
Relief
What is the main purpose of a phishing email?
To entertain
To inform
To obtain personal information
To sell products
