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- 1. Multiple Choice
Which of the following is NOT a common feature of a financial institution?
Access to investment products
Paper checks
Access to ATMS
Direct deposit
- 2. Multiple Choice
Which of the following is a common feature of a financial institution?
Direct deposit
Debit cards
Checking and savings accounts
All of the above
- 3. Multiple Choice
Which of the following statements about check cashing companies is TRUE?
They have limited operating hours during the day.
They sometimes offer free services.
They charge high fees.
They delay when you can access your cash.
- 4. Multiple Choice
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
Credit unions
Brick-and-mortar banks
Internet banks
- 5. Multiple Choice
Which type of bank account typically offers the least (if any) interest?
Savings account
Checking account
Money market account
Certificate of deposit
- 6. Multiple Choice
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
- 7. Multiple Choice
Which type of bank account is best for everyday transactions?
Certificate of Deposit
Money Market Account
Savings Account
Checking Account
- 8. Multiple Choice
A savings account that compounds interest daily will earn a higher return than a savings account that pays
simple interest daily.
TRUE
FALSE
- 9. Multiple Choice
Which savings account will earn you the least money?
One that compounds interest daily.
One that earns simple interest monthly.
One that earns simple interest daily.
One that compounds interest monthly.
- 10. Multiple Choice
Which savings account will earn you the most money?
One that compounds interest monthly.
One that compounds interest daily.
One that earns simple interest daily.
One that earns simple interest monthly.
- 11. Multiple Choice
Why is it important to reconcile your bank statements?
To avoid spending more than what is in your account.
To detect any errors in your account.
To determine if you were charged any fees.
All of the above
- 12. Multiple Choice
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month.
Ask your financial institution to notify you when you are close to $0 in your account.
Keep your own records to compare with your financial institution's records.
None of the above
- 13. Multiple Choice
How would you reconcile your bank account to avoid spending more than you have?
Contact your financial institution to read your transactions for the past month.
Compare your own records of your spending with your financial institution's records.
Review your bank statement once at the end of the month.
None of the above.
- 14. Multiple Choice
What should you do before you use an ATM?
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don't forget it.
Inspect the ATM and its surroundings to make sure it is safe to use.
Memorize your debit card number because you'll need to type it in at the ATM.
- 15. Multiple Choice
Which of the following statements about savings accounts is FALSE?
Savings accounts pay interest on the money you deposit.
Savings accounts allow an unlimited amount of withdrawals each month.
Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
Savings accounts are best used to store money for longer-term goals.
- 16. Multiple Choice
Choose the best answer for information about savings accounts
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts may require you to maintain a minimum balance to avoid paying a fee.
Savings accounts are best used to store money for longer-term goals.
All of the above
- 17. Multiple Choice
If there is a mistake on your bank account, you should contact your financial institution immediately.
TRUE
FALSE
- 18. Multiple Choice
Which of the following statements about investing is TRUE?
On average, putting money in a savings account earns a higher return than investing money in the stock
market.
Investing is riskier than putting money in a savings accounts.
Investing is best for short-term financial goals.
Investing is a guaranteed way to make money.
- 19. Multiple Choice
Investing is best for ________.
short-term financial goals, like building an emergency fund.
earning a little interest while keeping your money safe.
long-term financial goals, like paying for retirement.
guaranteed fast growth on your money.
- 20. Multiple Choice
A stock is ________.
A type of debt investment that acts like a loan.
A type of investment that invests in a mix of different types of investments.
A share of ownership in a company.
A type of savings account that pays interest based on current interest rates in the money market.
- 21. Multiple Choice
A _______ is a share of ownership in a company.
bond
stock
mutual fund
money market account
- 22. Multiple Choice
A mutual fund is _________.
A type of debt investment that acts like a loan.
A share of ownership in a company.
A type of investment that invests in a mix of different types of investments.
A type of savings account that pays interest based on current interest rates in the money market.
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