JA Financial Literacy Question Preview (ID: 36762)
Ja Financial Literacy.
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Which of the following are financial institutions?
a) bank, credit union
b) museum, library
c) credit union, library
d) bank, library
Which services is a bank likely to offer?
a) online banking and savings account
b) balance and gross balance
c) net pay and net deposit
d) transaction and gross balance
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
d)
The amount left over from your paycheck AFTER taxes and deductions is called:
a) net pay
b) gross balance
c) transaction
d) balance
You can continue to write checks as long as you have checks in your checkbook.
a) False
b) True
c)
d)
All bank transactions should be recorded in the register.
a) True
b) False
c)
d)
A direct deposit is when you take your paycheck directly to the bank after you receive it.
a) False
b) True
c)
d)
Credit cards and debit cards are essentially the same thing.
a) False
b) True
c)
d)
Bills and coins created by the government.
a) cash
b) checks
c) debit card
d) credit card
A written order to a bank to pay money from a bank account to a person or business.
a) checks
b) cash
c) debit card
d) credit card
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) Debit card
b) credit card
c) checks
d) cash
A card that allows the holder to buy goods and services by taking out a bank loan for the purchases.
a) credit card
b) debit card
c) checks
d) cash
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
A card that allows you to spend only the amount you have pre-deposited into that account.
a) prepaid card
b) gift card
c) debit card
d) credit card
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) bank
b) credit union
c) savings and loan
d) internet banks
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) credit union
b) bank
c) savings and loans
d) internet bank
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
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) credit union
d) savings and loan
The amount of money an employee earns BEFORE any taxes or other deductions are subtracted.
a) gross pay
b) net pay
c) savings
d) income
The amount of money an employee receives AFTER TAXES and other deductions are taken from a paycheck.
a) net pay
b) gross pay
c) savings
d) online banking
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