Financial Literacy Chapter 4

Banks are a place to keep money safe.

• True
• False

Putting money in a bank is called a deposit.

• True
• False

Interest is a fee charged by a borrower to the lender for the use of money.

• True
• False

The current amount of money in you bank account is your balance.

• True
• False

Tags

CCSS.5.NBT.A.1

CCSS.5.NBT.A.3

CCSS.5.NBT.B.7

Simple interest is paid on principal and accumulated interest.

• True
• False

Tags

CCSS.HSA.SSE.A.1

Compound interest is paid on principal and accumulated interest.

• True
• False

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

CCSS.HSF.BF.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

Debit cards are used to make deposits more conveniently than with deposit slips.

• True
• False

A bank statement is a report that regularly summarizes account activity.

• True
• False

Federal law prohibits charging fees related to bank accounts.

• True
• False

Routing numbers show the number of checks written on your accounts.

• True
• False