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LET’S PRACTICE
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Are You Financially Literate? Chapter 2 Quiz 1. Anastasia works at a bank. It’s not a consumer bank that takes deposits and provides savings and checking accounts. Her job involves helping companies prepare for stock offerings and providing financial advice to large corporations. What kind of bank does Anastasia work at? _ ____________________________________________________________________ 2. Daria’s checking account balance is $225. The minimum balance requirement is $200. One Tuesday afternoon, she pays a $95 utility bill with her debit card. Then she goes grocery shopping and spends $125 using her debit card. After that she uses her debit card to buy a $25 book at the bookstore and a $5.00 latte with friends. According to her account terms, she can be charged $25 for falling below the minimum balance requirement and $35 for overdraft charges. How much did Daria run up in bank fees Tuesday afternoon? Explain. _ ____________________________________________________________________ 3. What is the source of funds to pay for purchases made with a debit card? _ ____________________________________________________________________ 4. List two advantages and two disadvantages of credit unions, compared to standard banks. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 5. List five things you can do to avoid bank fees . _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 6. Which of the following is a transactional account which allows you to withdraw money for daily expenses? a. Money Market Account b. Checking Account c. Savings Account d. Certificate of Deposit PRODUCT PREVIEW
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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