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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 NOT a common feature of a financial institution?
Access to ATMs
Investment trading
Direct deposit
Debit cards
- 3. Multiple Choice
Which of the following is NOT a common feature of a financial institution?
Direct deposit
Paper checks
Access to investment advice
Checking and savings accounts
- 4. 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.
- 5. 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
- 6. Multiple Choice
Which of the following statements about check cashing companies is FALSE?
They offer bad deals where you'll owe a lot more than you borrowed.
They charge low fees.
They can take a percentage of your check on top of fees.
They make it easy to fall into a loan cycle that is hard to get out of.
- 7. Multiple Choice
Which type of bank account typically offers the least (if any) interest?
Checking account
Savings account
Money market account
Certificate of deposit
- 8. Multiple Choice
Savings accounts typically offer more interest than what type of account?
Retirement account
Money market account
Checking account
Certificate of deposit
- 9. Multiple Choice
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
- 10. 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
- 11. 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.
- 12. Multiple Choice
Which savings account will earn you the most money?
One that compounds interest daily.
One that compounds interest monthly.
One that earns simple interest daily.
One that earns simple interest monthly.
- 13. 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
- 14. 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
- 15. 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.
- 16. Multiple Choice
What should you do before you withdraw money from the ATM?
Ask someone nearby for help using the ATM.
Find a hidden ATM so no one will see you withdraw money.
Inspect the ATM to make sure it wasn't tampered with.
Share your pin number with trusted friends so you don't forget it.
- 17. Multiple Choice
17) What should you do before you approach an ATM?
Make sure it is hidden so no one will see you withdraw money.
Ask someone nearby for help using the ATM.
Share a picture of your debit card with your friends.
Check for any suspicious people lurking nearby.
- 18. Multiple Choice
What should you do before you use an ATM?
Inspect the ATM and its surroundings to make sure it is safe to use.
Ask someone nearby for help using the ATM.
Share your pin number with trusted friends so you don't forget it.
Memorize your debit card number because you'll need to type it in at the ATM.
- 19. 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.
- 20. Multiple Choice
Which of the following statements about savings accounts is FALSE?
Savings accounts pay interest on the money you deposit.
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts don't usually require a minimum balance.
Savings accounts are best used to store money for longer-term goals.
- 21. Multiple Choice
Which of the following statements about savings accounts is FALSE?
Savings accounts don't usually pay interest on the money you deposit.
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.
- 22. Multiple Choice
Which of the following statements is TRUE?
If there is a mistake on one of your bank accounts, there is nothing you can do about it.
If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to
resolve themselves.
If there is a mistake on your bank account, you should contact your financial institution immediately.
None of the above.
- 23. Multiple Choice
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
The CFPB
No one, you can't resolve the issue
The local police station
Your financial institution
- 24. Multiple Choice
If there is an issue with your bank statement or account balance, who should you contact to resolve the
issue?
The local police station
Your bank
The CFPB
All of the above
- 25. Multiple Choice
Your financial institution can't help you if there is a mistake on your bank account statement
True
False
- 26. 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.
- 27. Multiple Choice
27) 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.
- 28. Multiple Choice
Which of the following statements about investing is FALSE?
Investing is a guaranteed way to grow your money.
Investing is riskier than putting money in a savings account.
Investing is best for long-term financial goals, like paying for retirement.
On average, investing money in the stock market earns a higher return than putting money in a savings
account.
- 29. 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.
- 30. Multiple Choice
A _______ is a share of ownership in a company.
bond
stock
mutual fund
money market account
- 31. 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.
- 32. Multiple Choice
Which of the following statements about stocks is TRUE?
A stock is a share of ownership in a company.
A stock is a type of debt investment that acts like a loan.
A stock is a type of investment that invests in a mix of different types of investments.
A stock is a type of savings account that pays interest based on current interest rates in the money
market.
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