Spring 2025 SSEPF3 Financial Systems and Banking Test Review

Spring 2025 SSEPF3 Financial Systems and Banking Test Review

12th Grade

32 Qs

quiz-placeholder

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Spring 2025 SSEPF3 Financial Systems and Banking Test Review

Spring 2025 SSEPF3 Financial Systems and Banking Test Review

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Ariel Taylor

Used 7+ times

FREE Resource

32 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which of the following situations might it be best to pay with a debit card?

When renting a car or purchasing airline tickets.

When making everyday purchases at the grocery store or coffee shop.

When paying for a service, such as lawn service, a haircut, or leaving a tip at a restaurant.

When making a purchase at a yard sale.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which of the following situations might it be best to pay with cash?

In a small transaction, such as purchasing a coffee from a café.

When making a large purchase for an expensive item.

When purchasing an item online.

When paying a recurring monthly bill.

3.

DRAG AND DROP QUESTION

30 sec • 1 pt

(a)   best describes a key difference among banks, credit unions, title pawns, and payday lenders.

A. Banks and credit unions primaril
B. Credit unions are for-profit ins
C. Title pawn and payday lenders ge
D. Banks and credit unions typicall

4.

DRAG AND DROP QUESTION

30 sec • 1 pt

(a)   provides guaranteed income in retirement based on salary and years of service, while a 401(k) is funded by employee contributions and employer matching.

A. A pension
B. A 401(k)
C. A Traditional IRA
D. A Roth IRA

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a major disadvantage of using a title pawn or payday lender?

They typically offer loans with very low interest rates.

They can lead to a cycle of debt due to high fees and interest rates.

They require extensive documentation and a lengthy approval process to get a loan.

They provide loans without any credit history checks.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Rule of 72?

It is a way to calculate how long it will take you to pay off your credit card.

It is a way to calculate how long it will take for an investment to double given a fixed annual rate of interest.

It is the way that banks determine which fees to charge your account.

It is a way to determine the risk associated with an investment.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does investing in the stock market differ from putting money in a savings account at a bank?

Investing is always less risky than saving.

Investing is best for short-term situations like emergency funds; savings is best for the long-term.

Investing typically earns between 1-2% while saving generally earns between 5-7% interest.

Investing allows you to accumulate wealth for retirement while saving is best for short-term purchases or emergency funds.

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