Banking

Banking

11th Grade

8 Qs

quiz-placeholder

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Banking

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Assessment

Quiz

Others

11th Grade

Medium

Created by

Chad Holland

Used 2+ times

FREE Resource

8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the difference between a checking account and a savings account?

A savings account earns interest and a checking account does not

There is no difference between the two

A checking account earns interest while a savings account does not

A chucking account is used for emergencies only and a savings account is for every day spending

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of a checking account?

Emergencies only

Long-term savings and expensive purchases

Every day spending

All of the above

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of an emergency fund?

An account you create only after an emergency happens

Long term savings for big purchases

Everyday spending

A separate account for emergencies only so that your checking and savings stay in tact when an emergency happens

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How much should you save in an emergency fund?

1 year of expenses

3-6 months of expenses

6-8 months of expenses

2-3 months of expenses

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How much is your money insured up to by the FDIC or NCUA?

$100,000

$200,000

$250,000

$500,000

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following best represents a short term goal?

a new house

a new cell phone

a car

retirement

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

  1. You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

your credit card company covers the cost

  1. It is deducted directly from your checking account

  1. Your credit card company provides you with a cash advance to cover the cost

  1. It is deducted directly from your savings account

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Your bank does not have a grace period for overdraft fees. You have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

  1. Your account will be closed

Your bank will give you 24 hours to add more funds to the account

  1. You will likely be charged an overdraft fee for one or more of the transactions and

Your bank will provide the funds for your account, and you will have to pay them back at a later date