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JA Financial Literacy
Test Description: Ja Financial Literacy
Instructions: Answer all questions to get your test result.
1) Which of the following are financial institutions?
A
bank, library
B
bank, credit union
C
credit union, library
D
museum, library
2) Which services is a bank likely to offer?
A
transaction and gross balance
B
online banking and savings account
C
net pay and net deposit
D
balance and gross balance
3) When depositing money into an account, it is important to:
A
include your account number sign your deposit ticket
B
thank the teller
C
swipe your credit card
4) The amount left over from your paycheck AFTER taxes and deductions is called:
A
transaction
B
net pay
C
gross balance
D
balance
5) You can continue to write checks as long as you have checks in your checkbook.
A
False
B
True
6) All bank transactions should be recorded in the register.
A
True
B
False
7) A direct deposit is when you take your paycheck directly to the bank after you receive it.
A
True
B
False
8) Credit cards and debit cards are essentially the same thing.
A
False
B
True
9) Bills and coins created by the government.
A
credit card
B
debit card
C
checks
D
cash
10) A written order to a bank to pay money from a bank account to a person or business.
A
credit card
B
cash
C
checks
D
debit card
11) A plastic card that provides electronic access to a personal bank account. It and the similar ATM card can be used to complete bank transactions much like a check.
A
credit card
B
cash
C
checks
D
Debit card
12) A card that allows the holder to buy goods and services by taking out a bank loan for the purchases.
A
debit card
B
cash
C
credit card
D
checks
13) A card that is purchased in a specific monetary value and used like cash to purchase goods and services.
A
gift card
B
prepaid card
C
credit card
D
debit card
14) A card that allows you to spend only the amount you have pre-deposited into that account.
A
debit card
B
credit card
C
gift card
D
prepaid card
15) A for profit buisiness that is approved and backed by the federal government. These institutions receive money from business, pay interest, make loans, invest in securities, collect checks, and keep safe deposit boxes.
A
credit union
B
savings and loan
C
internet banks
D
bank
16) A not for profit business owned by its members. These institutions serve groups that share something in common, such as where they live or work. Profits are paid back to the members. Services may be limited.
A
bank
B
internet bank
C
savings and loans
D
credit union
17) These institutions focus on estate financing. They are backed by the government and run by a board of directors. When making a deposit it is like you are investing in the business.
A
savings and loans
B
bank
C
credit union
D
bank
18) customers can access their money using mobile apps, telephone, web pages, and ATMs. There are no local branches or walk-up tellers. Fees at these banks are minimal and interest rates paid are often higher.
A
internet bank
B
bank
C
savings and loan
D
credit union
19) The amount of money an employee earns BEFORE any taxes or other deductions are subtracted.
A
income
B
net pay
C
gross pay
D
savings
20) The amount of money an employee receives AFTER TAXES and other deductions are taken from a paycheck.
A
online banking
B
savings
C
net pay
D
gross pay
*select an answer for all questions
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