Managing Your Money 11th - 12th Grade Quiz

Managing Your Money

Assessment

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Tonya Bryner

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Business

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11th - 12th Grade

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11 plays

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Hard

Student preview

25 questions

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Multiple Choice

3 mins

1 pt

A key difference between commercial banks and credit unions is that:

Commercial banks offer more services, such as debit cards and online banking, than credit unions.

Commercial banks typically pay higher interest rates than credit unions

Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’

Credit unions are more commonly located in rural areas while commercial banks are more commonly located in urban areas.

Multiple Choice

3 mins

1 pt

David made a mistake in his checking account record keeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n):

Contact Fee

Overdraft Fee

Safe Deposit Fee

ATM Fee

Multiple Choice

3 mins

1 pt

Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institutions are safer than her piggy bank. Some students’ comments were based on fact while others were based on myths. Which aspect of security at a depository institution is NOT TRUE?

All money stored at a depository institution is kept safe at all times by numerous security measures.

Depository institutions have insurance protection. Depositors can have multiple accounts insured at the same depository institution as long as each account has no more than $100,000.

Information about depositors and their accounts is kept in secure data storage.

Depository institutions have insurance protection for up to $250,000 per depositor per account type.

Multiple Choice

3 mins

1 pt

Common fees that may be charged by a depository institution include all EXCEPT:

ATM fee

Overdraft fee

Minimum Balance fee

Late fee

Multiple Choice

3 mins

1 pt

Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do?

Request a cashier’s check from her depository institution. That way she can spend money from her checking account without risk of an overdraft fee.

Apply for a credit card. That way she can use the card to purchase the things she needs and pay for it when the credit card statement comes from her checking account.

Apply for mobile banking. That way she can access her money with her smartphone to pay for the things she needs. The amount she spends would automatically be deducted from her savings account.

Apply for a debit card. That way she can use the card instead of cash to purchase the things she needs and the amount spent is immediately deducted from her account.