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Q 1/31
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1. 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?
45
Regular savings account
Checking account
Money Market account
Certificate of Deposit
Q 2/31
Score 0
2. Which of the following is an effective strategy for personal saving?
30
Take out a payday loan so you can save before you receive your paycheck
Save a certain percentage of each paycheck and deposit it directly into a savings account
Cover all of your wants and needs and save whatever is left over
Wait until the end of the month and save whatever is left in your checking account
31 questions
Q.
1. 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?
1
45 sec
Q.
2. Which of the following is an effective strategy for personal saving?
2
30 sec
Q.
3. 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?
3
45 sec
Q.
4. All of the following statements about bank accounts are true EXCEPT…
4
60 sec
Q.
5. All of the following are true about prepaid cards EXCEPT…
5
30 sec
Q.
6. 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…
6
60 sec
Q.
7. 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 ______________.
7
45 sec
Q.
8. Which represents the BEST time to start saving for your retirement?
8
30 sec
Q.
9. Which of the following statements is TRUE?
9
60 sec
Q.
10. Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.
10
45 sec
Q.
11. Which of these is a reason someone might choose to open an online savings account rather than a savings account at a traditional bank?
11
45 sec
Q.
12. Three of these statements best describe a checking account. Which statement best describes a savings account?
12
45 sec
Q.
13. 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?
13
60 sec
Q.
14. 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?
14
45 sec
Q.
15. Fill in the blanks: If inflation is _____________ your savings account interest rate then you will be ______________ purchasing power.
15
30 sec
Q.
16. Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?
16
60 sec
Q.
17. Which of the following transactions will REDUCE your checking account balance immediately?
17
45 sec
Q.
18. Which of the following statements is an advantage of online banking?
18
45 sec
Q.
19. FDIC Insurance is...
19
45 sec
Q.
20. When signing up for a new checking account, you answer "Yes" to receive overdraft protection. Today you have $10 in your account and then use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
20
60 sec
Q.
21. How often do customers typically receive a bank statement for their checking account?
21
45 sec
Q.
22. When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
22
60 sec
Q.
23. A person-to-person payment app could be used in each of the following scenarios EXCEPT...
23
45 sec
Q.
24. Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
24
45 sec
Q.
25. All of the following are downsides of being unbanked EXCEPT:
25
45 sec
Q.
26. Provide one reason that it is important to start putting money away for retirement as early as possible.
26
60 sec
Q.
27. Melissa is a salaried employee who earns roughly the same amount in every paycheck. What would be a great idea for her to do to help her future?
27
60 sec
Q.
28. Which of the following is not a good reason to check your bank statements on a regular basis.
28
60 sec
Q.
29. Payroll cards are an alternative way for employers to pay employees when they don’t have a bank available for direct deposit. From the list click three Pros
29
30 sec
Q.
29. Payroll cards are an alternative way for employers to pay employees when they don’t have a bank available for direct deposit. From the list click three Cons
30
45 sec
Q.
30. From the list, what are two fees that banks will not charge you for when it comes to your checking account
