Banking - Unit Test
Quiz by Paul
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25 questions
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- Q11. Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?Money Market accountCertificate of DepositChecking accountRegular savings account30s
- Q22. Which of the following is an effective strategy for personal saving?Take out a payday loan so you can save before you receive your paycheckSave a certain percentage of each paycheck and deposit it directly into a savings accountCover all of your wants and needs and save whatever is left overWait until the end of the month and save whatever is left in your checking account30s
- Q33. Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?24 months9 months30 months3 months30s
- Q44. All of the following statements about bank accounts are true EXCEPT…Historically, savings accounts earn higher returns than investments in the stock marketMoney in a checking account is usually easy to access via ATM, debit card or checkMany banks pay interest on the money you deposit into your savings accountIf the bank account is FDIC-insured, your money is safe even if the bank fails30s
- Q55. All of the following are true about prepaid cards EXCEPT…Prepaid cards typically include a lot of feesPrepaid cards are usually accepted anywhere that debit and credit cards are acceptedPrepaid cards are a great way to build creditPrepaid cards are a useful option for someone who is unbanked to make online purchases30s
- Q66. You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…A new cell phone, college tuition, a house down paymentA new cell phone, dinner with friends this weekend, a new bikeRetirement, college tuition, a vacationRetirement, a house down payment, college tuition30s
- Q77. Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.Needs, savings, wantsWants, needs, savingsSavings, needs, wantsNeeds, wants, savings30s
- Q88. Which represents the BEST time to start saving for your retirement?As soon as you have your first full-time jobRight after you pay off your student loansAt age 45, so you have exactly 20 years until retirementOnce you are debt-free, including paying off all credit cards, auto loans, and your mortgage30s
- Q99. Which of the following statements is TRUE?The majority of Americans have an adequate emergency fundThe majority of Americans have sufficient amounts of money saved for retirementThe majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirementThe majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement30s
- Q1010. Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.DaysWeeksMonthsYears30s
- Q1111. Which of these lists ranks the savings options from highest expected interest rate to lowest expected interest rate?10-year CD, 5-year CD, Online savings account, Savings account at traditional bankSavings account at traditional bank, online savings account, 10-year CD, 5-year CDSavings account at traditional bank, online savings account, 5-year CD, 10-year CDOnline savings account, 5-year CD, Savings account at traditional bank, 10-year CD30s
- Q1212. Three of these statements best describe a checking account. Which statement best describes a savings account?This account pays you interest on money you have put away for later to help your money growThis account offers a convenient way to pay bills and access cash from an ATMThis account typically allows an unlimited number of transactions per monthThis account is automatically debited when you use a debit card30s
- Q1313. You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periodsAunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expensesAunt Tina only receives paper paychecks instead of direct depositAunt Tina and her family have high paying jobs and don’t worry much about money30s
- Q1414. You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?It is deducted directly from your savings accountIt is deducted directly from your checking accountYour credit card company covers the costYour credit card company provides you with a cash advance to cover the cost30s
- Q1515. Fill in the blanks: If inflation is _____________ your savings account interest rate then you will be ______________ purchasing power.Higher than, losingEqual to, gainingHigher than, gainingLower than, losing30s