WorksheetsUnderstanding Financial Literacy Terms
Total questions: 20
Worksheet time: 10mins
What is a depository institution?
A business that sells groceries
A business that provides financial services
A company that makes electronics
A place to buy clothes
Who owns a credit union?
The government
Its customers
Private investors
The bank manager
What is a commercial bank?
A non-profit organization
A for-profit depository business
A school
A government agency
What is a debit card?
A card used only for credit purchases
A plastic card connected to a depository institution account
A card for library books
A card for public transportation
What does "overdraft" mean?
Depositing more money than needed
Withdrawing more money than is available in the account
Writing a check to yourself
Opening a new account
What is a checking account used for?
Long-term investments
Quick access to funds for transactions
Buying stocks
Paying taxes
What is a check?
A written document instructing a bank to pay money from the drawer's account to the payee
A type of loan
A savings account
A credit card
What does "human capital" refer to?
Money in a savings account
The process of self-investment
A type of bank account
A business loan
What is a savings account?
An account for paying bills only
A basic account to deposit extra income and gain interest
A loan account
An account for business expenses
What is "interest" in banking?
A fee for using a debit card
Money a bank pays you for keeping savings there
The cost of opening an account
A type of insurance
What is a money market account?
An account that pays interest and is offered by banks and credit unions
A type of loan
A credit card account
A business checking account
What does CD stand for in banking?
Cash Deposit
Certificate of Deposit
Credit Debit
Central Deposit
What is the main purpose of a Certificate of Deposit (CD)?
To pay bills online
To keep money and earn interest for a set period
To withdraw cash anytime
To write checks
Which of the following is NOT a depository institution?
Credit Union
Commercial Bank
Grocery Store
Bank
Which account allows you to write checks?
Savings account
Checking account
Money market account
Certificate of Deposit
Who benefits from the profits of a credit union?
The government
The customers (members)
The bank owner
The stock market
What happens if you use your debit card and there is not enough money in your account?
The transaction is always approved
You may have an overdraft
You earn interest
The bank gives you a loan
Which of the following is a feature of a savings account?
High risk
Earns interest
Used for daily transactions
No deposit allowed
What is the main difference between a commercial bank and a credit union?
Commercial banks are owned by customers
Credit unions are owned by customers, commercial banks are for-profit
Credit unions are for-profit
Commercial banks do not offer financial services
Which card is electronically connected to your depository institution account?
Credit card
Debit card
Gift card
Library card
![Duplicaat van [Nederlands] European Money Quiz - Round 1, Brusse](https://cf.quizizz.com/image/image-loader.svg)
