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Social Studies
9th -
12thgrade
Everfi Module 1 and 2 Quiz (Banking and Employment)
21 questions
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- 1. Multiple Choice
What are the different types of financial institutions
Brick and Mortar Bank
Internet Bank
Credit Union
Cash Advances
Credit Card
- 2. 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
- 3. Multiple Choice
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
- 4. 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
- 5. Multiple Choice
Why is it important to review 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
- 6. 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.
- 7. Multiple Choice
If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?
The FDIC
No one, you can't resolve the issue
The local police station
Your financial institution
- 8. 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.
- 9. Multiple Choice
Cing went grocery shopping and paid with her debit card. What type of account is linked to the debit card?
debit card
checking account
savings account
- 10. Multiple Choice
Va took $15 out of his bank account but only had $10 in his account. What allowed him to take the extra money out?
credit card
overdraft protection
debit card
- 11. Multiple Choice
Raquel and Luis want to buy a house. What can they get from the bank to purchase the house?
credit card
debit card
loan
- 12. Multiple Choice
Izabella was given $2,000 for her quinceanera. She wants to save the money for a long time AND earn interest. What can Izabella put her money into?
savings account
checking account
credit card
- 13. Multiple Choice
What is net pay?
The amount of pay earned for the total number of hours worked.
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
- 14. Multiple Choice
When you start a new job, you fill out a W-4 form to _________.
determine how much your gross pay should be.
file your tax return.
avoid paying income taxes on your paychecks.
to determine how much federal income tax your employer should withhold from your paychecks.
- 15. Multiple Choice
Your employer sends you a _______ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
- 16. Multiple Choice
Healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of _________ available from your employer.
benefits
pensions
deductions
allowances
- 17. Multiple Choice
In tax terms, any purchase or expense that reduces your overall income used to calculate total income tax owed. These are subtracted from gross income when the taxpayer calculates their income taxes.
Dependent
Deduction
Credit
Refundable
- 18. Multiple Choice
A living wage is defined as...
the lowest financial compensation that employers can legally pay their employees
the minimum income necessary for a worker to meet their basic needs
the federal poverty guideline used to determine an individual's or family's eligibility for federal aid or services
none of the above
- 19. Multiple Choice
Minimum wage is defined as...
the lowest financial compensation that employers can legally pay their employees
the minimum income necessary for a worker to meet their basic needs
the federal poverty guideline used to determine an individual's or family's eligibility for federal aid or services
none of the above
- 20. Multiple Choice
Poverty wage is defined as...
the lowest financial compensation that employers can legally pay their employees
the minimum income necessary for a worker to meet their basic needs
the federal poverty guideline used to determine an individual's or family's eligibility for federal aid or services
none of the above
- 21. Open Ended
Explain three practical money lessons that you learned while watching "Get Smart With Money".
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