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Fin Lit Unit 2 Review

Quiz by Kenneth Carrion

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83 questions
Show answers
  • Q1
    Which of the following is a type of savings account?
    Regular savings account
    All of the above
    Joint savings account
    High-yield savings account
    30s
  • Q2
    What is the primary function of a bank?
    To provide insurance
    To invest in stocks
    To collect taxes
    To lend money
    30s
  • Q3
    What does FDIC stand for?
    Federal Depository Investment Corporation
    Federal Deposit Insurance Corporation
    Federal Debt Insurance Corporation
    Federal Development Insurance Corporation
    30s
  • Q4
    Which type of account typically offers the highest interest rate?
    Money market account
    Checking account
    Savings account
    Certificate of deposit (CD)
    30s
  • Q5
    What is the purpose of a checking account?
    Daily transactions
    Investment in stocks
    High-interest savings
    Long-term savings
    30s
  • Q6
    What is an ATM?
    Automated Transfer Machine
    Automated Transaction Mechanism
    Account Transaction Machine
    Automated Teller Machine
    30s
  • Q7
    What does 'interest' refer to in banking?
    The fee for banking services
    The amount of money borrowed
    The income earned on deposits
    The total balance in an account
    30s
  • Q8
    Which of the following accounts is typically used for daily transactions?
    Checking account
    Money market account
    Certificate of deposit
    Savings account
    30s
  • Q9
    What is a certificate of deposit (CD)?
    An investment account
    A savings account with a fixed term and higher interest
    An account with no interest
    A checking account
    30s
  • Q10
    What is a joint account?
    An account with higher interest rates
    An account owned by two or more people
    A business account
    An account owned by one person
    30s
  • Q11
    What is compound interest?
    Interest calculated only on the principal
    Fixed interest over time
    Interest calculated on the principal and previously earned interest
    Interest that does not accumulate
    30s
  • Q12
    What does the term 'overdraft' refer to?
    A type of investment
    A savings withdrawal
    Spending more than is available in a checking account
    Money earned on deposits
    30s
  • Q13
    What does it mean to 'shop around' for a bank?
    Choosing a bank based on advertising
    Looking for the closest bank
    Visiting multiple banks to compare services and rates
    Asking friends about their bank
    30s
  • Q14
    What is a certificate of deposit (CD)?
    A checking account
    An account with no interest
    A savings account with a fixed term and higher interest
    An investment account
    30s
  • Q15
    What does 'interest' refer to in banking?
    The total balance in an account
    The income earned on deposits
    The fee for banking services
    The amount of money borrowed
    30s

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