Personal Finance Spring 2018
Quiz by David Holt
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25 questions
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- Q1The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:Secretary of StateBoard of GovernorsDepartment of the TreasuryUnited States Mint30s
- Q2What is "APR"?Approximate Payment ReturnsAnnual Percentage RateAverage Percentage RateActual Percentage Requirement30s
- Q3Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account.higher; easierhigher; harderlower; harderlower; easier30s
- Q4What percentage of Americans are living paycheck to paycheck?20%50%70%80%30s
- Q5Which of the following is a unique feature of credit unions?Credit unions limit membership to certain people or groups.Credit Unions are both owned by their members and limit membership to certain people.Credit unions are typically owned and run by their members.Credit unions offer a wide variety of banking services.30s
- Q6Which of the following is NOT one of the responsibilities of the Federal Reserve?Supervising the Reserve banksEstablishing the federal budgetMaintaining a stable banking systemSetting the nation’s monetary policy30s
- Q7Which type of account is typically the MOST liquid?Checking accountSavings accountCertificate of DepositExchanged Traded Fund30s
- Q8Interest is:the amount owed for borrowing moneya charge for the convenience of accessing money stored in your bank accounta charge for lending money to a bankthe amount added into your savings when opening a bank account30s
- Q9Which of the following accounts will give you the LEAST access to your money?CashChecking accountCertificate of Deposit (CD)Simple savings account30s
- Q10The purpose of a budget is to:tell you how much you owe the government in taxeshelp you plan how you will spend the money you earn or receivestop you from spending too much moneyincrease the balance of your savings account30s
- Q11Which of the following is generally true about savings vehicles?Savings vehicles are only useful for long-term investmentsSavings vehicles are never insuredAll of the abovePeople should evaluate different forms of savings vehicles based on their needs30s
- Q12What’s the purpose of balancing or monitoring your checking account?To help you calculate how much money you have in your accountTo find out which checks you have bouncedTo keep an estimation of how many checks you writeTo stop identity theft from occurring30s
- Q13What is the most important thing to remember when setting a goal and pursuing it?It takes money to reach your goals. Only people with money already can succeedNever give up, no matter how hard and how much you stumble. You only fail when you quitIf you don't reach your goals, it's okay to give it upOnly set goals that are easy and you know you can make30s
- Q14You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?Compounding dailyCompounding monthlyCompounding 1 time a yearCompounding 4 times a year30s
- Q15Which of the following is a type of savings vehicle?Piggy BankCashChecking AccountCertificate of Deposit30s