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Banking
Debit Cards
Credit
Checking Accounts
Budgeting
100

What account typically pays the most interest? 

a. savings account

b. checking account

c. CD (certificate of deposit)

c. CD (certificate of deposit)

100

How many numbers are in a debit card account number?

16

100

The Schumer box is a table that appears in credit card agreements.

Who is required to provide the Schumer box?

  • A the federal government
  • B anyone who is applying for a credit card
  • C all credit card issuers


  • C all credit card issuers
100
On the bottom of a check, there are always a bunch of numbers printed on. What number comes first? 


Routing Number, Account Number, or Check Number

Routing Number

100

The 50/30/20 rule describes how much a person should be budgeting for their needs, wants, and savings.

Which of the following expenses is a need according to the 50/30/20 rule?

A. Gym membership

B. Cable TV subscription

C. Rent

D. Travel Fund

C. Rent

200

A banking institution that might give you more money for saving and charges lower fees, but you have to qualify for membership to join.

Which banking institution is described above?

Traditional bank, commercial bank, credit union, online bank

credit union

200

Other than the account number, name 2 other numbers that are on a debit card.

Expiration Date and Security Code

200

Many factors go into the calculation of a credit score.

What is one factor that affects your credit score?

  • A your payment history

  • B your income level

  • C your marital status

A your payment history

200

If you pay a bill with a hand written check, where does the money come from? 

Savings account, the bank, checking account, or credit account

checking account

200

When saving money, it is important to pay attention to both planned and unplanned expenses. Name an example of each. 

Planned: Electric, Water, Loan, Rent...

Unplanned: ER visit, emergency vet bill, car breakdown

300

Traditional banks do not fit everyone's needs when it comes to banking. Which of these represent a con of using a traditional bank?

  • A. They have membership requirements.
  • B. Their staff is more likely to recommend the wrong financial product.
  • C. They offer a limited variety of financial services.
  • D. They are not personal or friendly.


  • C. They offer a limited variety of financial services.
300

What were debit cards previously known as?

ATM Cards

300

Banks rely on credit scores to determine if a person qualifies for a loan, and which interest rate to offer to them. Which of these credit scores would result in the lowest interest rate on a loan?

350      825      900

825. Credit Scores only range 300-850

300

I recorded a credit of $200 to my checking account, what is a possible reason for this?

Answers Vary (must talk about receiving/gaining money somehow)

300

What is the 50:30:20 rule?

The 50/30/20 rule suggests that you spend 50% of your income on your needs, 30% on your wants, and 20% on your savings. This way, you can balance your money and plan for your future.

400

Banks that have well known names will usually have a lot of physical branch locations, but they usually pay less interest on savings.

Which banking institution is described above?

Commercial Bank

400

Can you insert all debit cards in a card reader?

No, if the card doesn't have a chip, you can't insert, only swipe.
400

Changes in interest rates can create both good and bad results.

How can a lower interest rate potentially affect credit card owners?

It can allow faster debt reductions. Lower interest rates mean borrowing costs drop; it gives the credit card owners an opportunity to reduce their debt faster.

400

Direct deposit is a banking service that allows for automatic deposits of money into an account. Which of the following transactions would be qualified as a direct deposit into your account?

  • A loan payment
  • B store refund
  • C bank fee
  • D ATM withdrawal


  • B store refund
400

You are paid semi-monthly.

How many times do you get paid per year?

24

500

The credit union you bank at has recently closed and you would like to get your money back. Which regulatory agency will help you retrieve funds held by the closed credit union?

The Fed, The NCUA, state regulators, or CFPB

The NCUA, also known as the National Credit Union Association

500

This 4-digit number is entered to authorize a debit card transaction.

PIN (Personal Identification Number)

500

A Schumer box lists the main information about a credit card, such as its APR, grace period, and minimum payment.

What is meant by the term minimum payment?

It is the smallest amount you can pay each month to keep your account in good standing.

500

What is the difference between a withdrawal and a deposit?

deposit= putting money into the account

withdrawal= taking money out of the account

500

You have a monthly income of $2000. You plan to follow the 50/30/20 rule for budgeting.

How much of your monthly income can you spend on wants?

$600. 30% should go to wants