I'M READY!
THIS IS THE REAL DEAL!
I NEED FINANCIAL LITERACY TO SUCCEED IN LIFE.
FINANCIAL STABILITY
FINANCIAL LITERACY ROCKS!
100
A nationwide banking plan set up by our federal government to supervise and regulate member banks is the a. Securities and Exchange Commission (SEC) b. Federal Reserve System (Fed) c. National Banks d. Federal Deposit Insurance Corporation (FDIC)
What is the Federal Reserve System (Fed)?
100
To open a checking account, a bank will need a. address b. Social Security Number c. money to deposit d. all of the above
What is all of the above?
100
A(n) __________ is directly attached to a checking account, and can used with a PIN to pay for items at a store. a. credit card b. ATR check card c. ATM debit card d. none of the above
What is an ATM debit card?
100
____________ is writing a check for more money than is in one’s account. a. forgery b. canceling a check c. certifying d. overdrawing
What is overdrawing?
100
DAILY DOUBLE!!! Difference to be reconciled on a bank statement include a. ATM or EFT transactions b. outstanding checks c. outstanding deposits d. all of the above
What is all of the above?
200
____________ are checks that have not been paid by the bank a. outstanding checks b. predated checks c. canceled checks d. joint checks
What are outstanding checks?
200
______________ are checks that have been paid by the bank. a. outstanding checks b. predated checks c. canceled checks d. joint checks
What are canceled checks?
200
A report sent by the bank to a depositor showing the status of his or her account is called a. bank reconciliation b. bank statement c. status report d. payment report
What is a bank statement?
200
DAILY DOUBLE!!! __________ are statement showing how the checkbook balance and the bank statement were brought into agreement. a. bank reconciliation b. bank statement c. status report d. payment report
What is a bank reconciliation?
200
_________ is the value of a borrower’s possessions. a. capacity b. capital c. character d. credit rating
What is capital?
300
A person’s reputation for paying a debt on time is known as his or her a. capacity b. capital c. character d. credit rating
What is credit rating?
300
DAILY DOUBLE!!! One who buys on credit or receives a loan is a a. creditor b. debtor c. banker d. none of the above
What is debtor?
300
One who sells on credit or makes a loan is a a. creditor b. debtor c. banker d. none of the above
What is a creditor?
300
The additional amount you must pay for using credit is known as a. credit fee b. down payment c. account fee d. finance charge
What is a finance charge?
300
The percentage cost of credit on a yearly basis is known as the a. yearly rate b. annual percentage rate (APR) c. standard percentage rate d. market interest rate
What is annual percentage rate (APR)?
400
DAILY DOUBLE!!! Oh no! Someone stole your credit card charged $2,500 worth of purchases before you even knew the card was missing. How much of the unauthorized charges can you be required to pay? a. zero b. $50 c. $250 d. $2,500
What is $50?
400
Cleared checks: a. Are available as online images for you to refer to, or as reduced images sent with each monthly statement b. Are always sent to the account holder with each monthly statement c. Should be used to notify the people you wrote the check to, since they haven’t cashed the checks yet d. Are automatically redeposited if the check image is lost
What are available as online images for you to refer to, or as reduced images sent with each monthly statement?
400
Internships: a. are always paid b. can be paid or unpaid c. can never turn into a paid position d. always last for one year
What can be paid or unpaid?
400
Negative items on a credit report that are not correct: a. can never be removed b. don’t affect your credit rating c. are best ignored d. should be removed once the mistake is shown to the credit reporting company
What should be removed once the mistake is shown to the credit reporting company?
400
A credit union: a. requires membership, but in other respects is like a bank b. can’t keep savings accounts c. never has interest rates as good as a bank d. is only open to college students
What requires membership, but in other respects is like a bank?
500
the amount by which expenditures exceed income
What is a deficit?
500
Credit score from 300-850 that rates how likely a person is to fall 90 days behind in a payment.
What is a FICO Score?
500
A number calculated by taking into account the total coast of the loan, including what the borrower will pay in interest; this makes it easier to compare different loan offers
What is APR?
500
Tax paid to the state, federal, and local governments based on income earned over the past year.
What is income tax?
500
A brief account of one’s work experience and qualifications
What is credit?
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