Banking Basics
What do banks do?
Keeps money safe, lends money and offers services
If you put $100 in a savings account at 4% interest for a year, how much interest do you earn?
$4
Which coin is no longer made in the U.S.?
penny
What does ATM Stand for?
Automatic Teller Machine
Who is on the $100 Bill?
Benjamin Franklin
How many banks are in Spearman?
3
You have $200 and spend $50. What percent of your money did you spend?
25%
Which coin is the only one that has ridges?
Quarter
What does overdraft mean?
spending more than you have in your account
Who is on the $1 Bill
George Washington
What is the different between a debit and a credit card?
A debit card uses money directly from your checking account and when you make a purchase, the funds are withdrawn immediately. A credit card lets you borrow money from the card issuer up to a limit, and you pay it back later (often with interest)
45+22
67
Which dollar bill can you fold and make the twin towers out of?
The $20 bill
What is a CD/what does it stand for?
Certificate of Deposit
Which president is on the $5 bill?
Abraham Lincoln
What is the difference between a deposit and a withdrawal?
A deposit means putting money into your bank account, increasing your balance. A withdrawal means taking money out of your account, reducing your balance.
100-33
67
Which U.S. bill is not the same color as the others?
$10 bill
What does “liquidity” mean?
How easily assets can be converted to cash
Which President is on the $20 bill
Andrew Jackson
What is interest?
The extra money you earn when you save or the additional amount you pay when you borrow.
You put $500 in a savings account at 2% interest for one year. How much interest do you earn?
$10
Which bill is the most counterfit?
$20 bill, followed closely by the $100 bill
What does APY stand for?
Annual Percentage Yield
Alexander Hamilton (a founding father)