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Money Management
Test Description: Budget and Banking
Instructions: Answer all questions to get your test result.
1) You manage your money because it impacts what?
A
impacts short and long term economic decisions
B
to not live in your parents basement at 30
C
the opportunty to actually obtain a job
2) Why is it necessary to have a budget?
A
to provide free money for the bank to give out as a loan
B
to prepare for competition in a business
C
to show you love money
D
to keep your finances organized, to control your spending and saving
3) What is the financial institution that provides money opportunities in our community?
A
bank
B
school
C
church
D
post-office
4) One service at the bank is a checking account. Which of the following describes that?
A
used for long-term economic decisions such as a car, college, weddings and earns interest.
B
given to buy something for a business or personal usage
C
used for your everyday expenses and your short-term economic decisions
5) One service at the bank is savings account. Which of the following describes that?
A
used for your everyday expenses and your short-term economic decisions
B
given to buy something for a business or personal usage
C
used for long-term economic decisions such as a car, college, weddings and earns interest.
6) A checking account has three options of payment, they are:
A
ATM, Visa and Mastercard
B
debit card, credit card and checks
C
Loans, checks and savings account
7) A debit card is a form of payment out of your checking account. Which describes that?
A
use checks to pay the amount and can have an overdraft fee if it bounces.
B
the money comes out in a few days, your signature is needed and you can obtain cash back
C
The money is processed immediately, uses a pin number and can obtain cash back
8) A credit card can be used from your bank account. What describes that?
A
use checks to pay the amount and can have an overdraft fee if it bounces.
B
The money is processed immediately, use a pin number and can obtain cash back
C
the money comes out in a few days, your signature is needed and fees happen if you don't have enough money
9) A checking account has an option of payment by check. What below describes this?
A
The money is processed immediately, use a pin number and can obtain cash back
B
the money comes out in a few days, your signature is needed and fees happen if you don't have enough money
C
use checks to pay the amount and can have an overdraft fee if the check bounces.
10) Loans are a type of service offered at the bank. What are the two types and examples?
A
Personal Loan to buy Ms. Grey new clothes and a School Loan to start a Lemonade Stand
B
Business Loan to start a business or an expense; Personal Loan like to buy a car, school loan or house.
C
loans are only available from your parents.
11) If Joe Flabeets takes out a loan for 24,000 to buy a new car. When will the loan be paid off?
A
when he goes into debt by taking another loan out
B
when he becomes a bank teller, the loan is forgiven
C
When he pays 24,000 back to the bank plus interest
D
when he wins the lottery and pays the 24,000 back
12) A bank will loan money for business loans and personal loans. What are some ways the bank will obtain money to loan out?
A
The Federal Reserve gives them 250,000 to loan to each person that asks
B
the money that grows on trees
C
money that people have in savings accounts and interest rates charged from loans
D
when the bank teller works for free
13) A bank will loan money for business loans and personal loans. What are some ways the bank will obtain money to loan out?
A
ATM fees or fees processed during overdrafts and checks that are bounced
B
the money that grows on trees
C
The Federal Reserve gives them 250,000 to loan to each person
D
when the bank teller works for free
14) Despite Ms. Grey's mother thinking she spends too much money on clothes and everything else, she's learned to budget her money to avoid what? (P.S. Write the answer in your agenda because it's the 2 pt bonus question for playing the game!!!)
A
credit card debt
B
being a Cleveland Browns fan
C
having to get rid of her purple clothes
D
teaching Math, Science or Language Arts to Middle School students
*select an answer for all questions
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