Families Today

Chapter 23: Manage Your Money

Section 1 Practice Test

1
What is a written document that transfers money from a bank account to a person or business called?
A)Deposit
B)Withdrawal
C)Check
D)Contract
2
What is a way of moving money from one account to another by electronic means called?
A)Electronic funds transfer
B)Withdrawal
C)Automatic teller machine
D)Deposit
3
What is a plastic card used to buy goods and services without cash in which money is deducted from your checking account when used?
A)Check
B)Debit card
C)Credit card
D)ATM card
4
Borrowing someone else's money and paying it back later is known as what?
A)Debt
B)Interest
C)Credit
D)Loan
5
What do you pay to use someone else's money?
A)Credit
B)Debit card
C)Check
D)Interest
6
What is an agreement to borrow money and pay back more than the borrowed amount known as?
A)Loan
B)Credit
C)Debt
D)Interest
7
What is an amount you pay in cash after promising to pay the remaining amount in monthly payments?
A)Credit
B)Down payment
C)Installment
D)Loan
8
A promise of payment in case of a loss is known as
A)Down payment
B)Insurance
C)Interest
D)Premium
9
What is a periodic payment for insurance called?
A)Installment
B)Down payment
C)Premium
D)Deductible
10
An amount you pay for a loss when an insurance company pays the rest is called a
A)Deductible
B)Loan
C)Down payment
D)Premium
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