WorksheetsBanking and Financial Knowledge Quiz
Total questions: 30
Worksheet time: 15mins
Which of the following is the main purpose of a bank?
To entertain customers
To hold, protect, and manage people’s money
To sell goods and products
To hire employees for other companies
What is the difference between a bank and a credit union?
Banks are nonprofit; credit unions are for-profit
Banks are for-profit; credit unions are nonprofit
Banks only help businesses; credit unions only help students
There is no difference
Which of the following is an example of an online financial institution?
Chase Bank
Wells Fargo
Ally Bank
Regions Bank
What is an ATM used for?
Buying groceries
Taking selfies
Depositing and withdrawing money
Paying bills online
Which account earns you interest on your money?
Checking account
Savings account
Loan account
Credit card
What does “FDIC” stand for?
Federal Deposit Insurance Corporation
Federal Department of Income Control
Financial Data Insurance Company
Federal Development Investment Center
The FDIC protects your bank deposits up to what amount?
$10,000
$50,000
$250,000
$1,000,000
Which of the following is a service banks provide?
Making movies
Offering car loans
Selling houses
Running restaurants
What is the main advantage of using online banking?
You get paid more
You can access your account anytime, anywhere
You don’t have to pay taxes
You don’t need a password
Which of the following is considered a financial institution?
Grocery store
Bank
Clothing store
Gas station
What is the purpose of a loan?
To borrow money that must be paid back later
To give money away for free
To avoid paying taxes
To increase interest on savings
A debit card takes money from your:
Credit line
Savings account
Checking account
Loan balance
Which financial product allows you to earn higher interest but limits withdrawals?
Checking account
Certificate of Deposit (CD)
Credit card
Loan
Why might someone use a credit card instead of cash?
To track spending and build credit
To avoid paying bills
To get free money
To increase their savings
What is one reason to compare banks before opening an account?
To see which one has the best interest rates and lowest fees
To find which one has the best music
To choose the closest one to your house
To meet new people
What is a checking account mainly used for?
Daily spending and bill payments
Long-term saving
Investing
Earning interest only
What is the term for the money you borrow from a bank?
Principal
Interest
Deposit
Balance
What is interest?
The cost of borrowing money or the reward for saving it
A type of tax
A fee for online banking
A penalty for late payments
What does “overdraft” mean?
Spending more money than you have in your account
Depositing a check
Earning interest
Paying off a loan
What does a bank statement show?
Only deposits
Only withdrawals
All transactions made in your account during a time period
Only interest earned
Which of the following is NOT a financial institution?
Commercial bank
Credit union
Grocery store
Online bank
What is mobile banking?
Managing your bank account using a smartphone app
Visiting a branch in person
Writing checks only
Borrowing money from a friend
What is a financial goal?
A plan for how you will use or save your money
A type of bank account
A government program
An investment scam
Which bank service helps protect against unauthorized purchases?
Fraud protection
Direct deposit
Savings account
Loan service
What does APR stand for?
Annual Payment Rate
Annual Percentage Rate
Adjusted Payment Ratio
Annual Profit Return
Which account type is best for paying bills and making purchases?
Savings account
Certificate of Deposit
Checking account
Credit account
What is a “minimum balance”?
The smallest amount you must keep in your account to avoid fees
The most money you can deposit
A type of loan
The maximum withdrawal limit
What is direct deposit?
When your paycheck is automatically deposited into your bank account
When you withdraw cash
When you pay bills online
When you transfer money to a friend
Which of these is an example of a digital payment service?
PayPal
Subway
Amazon
Target
What is the main benefit of saving money in a bank rather than at home?
It’s safer and can earn interest
It’s easier to lose
You can spend it faster
It avoids all fees
