In which of the following situations might it be best to pay with a debit card?
Spring 2025 SSEPF3 Financial Systems and Banking Test Review

Quiz
•
Social Studies
•
12th Grade
•
Medium
Ariel Taylor
Used 7+ times
FREE Resource
32 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
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.
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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