A key difference between commercial banks and credit unions is that:

Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institutions are safer than her piggy bank. Some students’ comments were based on fact while others were based on myths. Which aspect of security at a depository institution is NOT TRUE?

Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?

Ariel is saving money to purchase a new computer before she leaves for college in two years. She wants to open a special account at a depository institution to keep her saved money safe. She has asked you for advice on which type of account would be best for her. What would be the best advice for Ariel?

Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest?

Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do?

Common fees that may be charged by a depository institution include all EXCEPT:

David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n):

Which statement is TRUE about Payroll Taxes?

As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?

Who is Medicare designed to help?

Dane is researching the topic of property taxes for a presentation he is doing in his Personal Finance class. He has come across the following statements he is considering adding to his presentation. Which should he EXCLUDE from his presentation because it is not correct?

Which statement is NOT TRUE about property taxes?

Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?

Austin has just received his first paycheck. He worked 22 hours at his new job and is being paid $8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it to be?

Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he NOT list as an asset?

To calculate her net worth Jordyn should use the following formula:

Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?

Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:

To increase his net worth, Jackson could:

Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement?

Which of the following would most likely be considered a contractual expense?

Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses?