WorksheetsKeeping Your Money Safe and Living Unbanked
Total questions: 20
Worksheet time: 10mins
Which statement best explains the main role of financial institutions for your money?
They set the prices for goods and services
They decide your household monthly budget
They help you manage and protect your money
They help you earn wages at your job
What does FDIC or NCUA insurance generally guarantee for deposit accounts?
Protection only during bank holidays
Coverage only for credit card purchases
Insurance up to $250,000 per depositor
Unlimited protection for any balance
Which is a benefit of keeping money in a bank rather than at home?
No need to track spending or saving
Better access to compound interest accounts
Higher fees on small balances
Guaranteed approval for personal loans
A household is unbanked when it:
Has only a savings account
Uses a credit union and a bank
Has no checking or savings account
Has more than one debit card
Underbanked households most likely:
Avoid banks and credit unions entirely
Have bank accounts but rely on other services
Use only cash for all purchases
Hold multiple investment accounts
Which barrier to banking is linked to past bad service experiences?
Lack of financial literacy
High interest on loans
Distrust of financial institutions
Unemployment and job loss
Which situation best illustrates lack of financial literacy as a barrier?
Moving to a new city with no branches
Having too many credit cards already
Feeling intimidated because you never learned banking
Being denied due to low income
A teen loses a part-time job and closes their account to avoid fees. Which barrier does this reflect?
Distrust after poor service
Lack of financial literacy
Unemployment causing account abandonment
Belief insurance is unnecessary
Which bank fee issue is highlighted as your responsibility to understand when opening an account?
Hidden and unexpected charges
Free ATM reimbursements
Interest rate disclosures
Minimum balance rewards
What does being blacklisted usually mean when trying to open a bank account?
Too few deposits on record
Low credit score automatically
Lack of photo identification only
Negative financial history blocks approval
Why might people in some areas face a lack of services from banks?
Only online accounts allowed
Too many competing branches
Fewer or more expensive options
Strict dress code rules
Which statement best describes predatory financial services?
They provide free consumer education
They lower monthly banking costs
They improve long-term savings
They target those with limited options
What is a major risk of payday loans?
Extremely high interest and fees
Long repayment timelines
No need for income proof
Government subsidy eligibility
How do car title lenders secure their loans?
Place a lien on electronics
Require a co-signer only
Hold your vehicle title
Use your paycheck stub
Why do check cashing stores cost you money even when you have a paycheck?
They delay funds for weeks
They charge a fee to get cash
They return checks unpaid
They require a savings account
Which statement best defines a bank?
A company that manages retirement investment funds
A financial institution licensed to receive deposits
A business that sells loans to payday lenders
A government office that collects federal taxes
What does FDIC primarily do for consumers?
Provides payday loans for monthly expenses
Approves credit card interest rates nationwide
Insures deposits in bank accounts up to $250,000
Sets rules for credit unions’ membership
A person with no savings or checking account is best described as:
Underbanked individual using alternative products
Unbanked individual without bank accounts
High‑risk borrower with late payments
Fully banked customer with multiple services
Which agency insures deposits in credit unions up to $250,000?
FDIC for banks and savings institutions
NCUA for federally insured credit unions
FTC for consumer protection complaints
IRS for federal income tax refunds
If 70% of payday loan borrowers use cash for monthly bills, what is the most likely risk highlighted?
Borrowers avoid all fees through credit unions
Borrowers gain free cash for basic living costs
Borrowers increase insured savings automatically
Borrowers may rely on high‑cost short‑term loans
