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How is wealth defined?
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Which of the following is FALSE about saving and investing?
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P. Finance Test 1

QuestionAnswer
How is wealth defined? Assets minus debts
Which of the following is FALSE about saving and investing? Both saving and investing generally have low returns Saving has more risk; investing has less risk
Which is NOT a typical goal for a savings account? To buy groceries for the week
What is the general rule of thumb on how much you should save? 20% of your income
What is a 529 account? A tax exempt fund that lets your savings grow for school
About how much should you save in an emergency fund? 3-6 months of living expenses
What is a good strategy to help you save? Pay yourself first - set aside money for savings each month
Which of the following is FALSE about opening up a Roth IRA? Compounding occurs at a slower rate in a Roth IRA You need to put at least $1,000 in it every year
Which is true about online savings accounts? Usually have higher interest rates than non-online accounts Usually have lower costs compared to brick-and-mortar banks
What are some reasons for why so many Americans live paycheck-to-paycheck? Many people impulse shop
What is a benefit of opening up a Health Savings Account (HSA)? You can use pre-tax $ to pay for out-of-pocket costs
How does the 50-20-30 rule distribute your income? 50% expenses, 20% saving, 30% flexible spending
How is compound interest different than simple interest? It is simple interest + interest earned on that interest
How does inflation impact the money in your savings account? The purchasing power of your money decreases over time
Assuming a rate of growth of 8%, in how many years will your money double? 9 years
At what rate does your $ need to grow at to double in18 years? 4%
Savings accounts differ from checking accounts in that... Money in a savings account can be used to fund a bank's loans
What might you need to open a savings account? Identification Minimum opening deposit
True or False: You need a checking account to open a savings account. False
Which is true about Certificates of Deposits (CDs) The bank can loan out the $ in your CD The bank pays you interest in return
People who are unbanked are likely to... Incur lots of fees at Check Cashers to access their money
You can access the money in your checking account by... Transferring money through your online account
Overdraft protection... can keep you form overdrawing, but charges a high fee
Which of the following fees may banks charge you? Monthly Maintenance Fee
A checking account is best used for... Storing money to spend Placing money you earn
What is the benefit of using direct deposit? You don't have to spend time and energy depositing a check
Which of the following is TRUE about banks and credit unions? Banks are for-profit, credits unions are not-for-profit
Which of the following is NOT required to open a checking account? Your or your parents' previous year's tax return
Which of the following is TRUE of prepaid debit cards? They can be used as an effective budgeting tool
Which of the following is NOT a common way most people are using P2P, such as Venmo? To pay off their credit cards
Which of the following is TRUE about checks? The amount of money is written both numerically and in words You should endorse the back when depositing a check
What feature is the LEAST important for a college student to look for in a checking account? Interest rate
Which of the following choices will DEFINITELY show up on your bank statement at the end of July? Ice cream bought with your debit card on July 16th An ATM withdrawal you made on July 21st
Which of the following is TRUE about Student Checking Accounts? Some have monthly fees
Which of the following is FALSE about check registers? You can submit them to the bank to verify each transaction
What is a typical overdraft fee? $35
Text or email alerts can notify you of... Low balances Unusual activity Deposits
How can you protect your checking account when using online and mobile banking? Use a strong password Connect to a secure WiFi Network
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees? $35 check, $7.50 check, $5 check, $15 check
Why is understanding a bank's fees particularly important for students or young adults? With less banking experience they may incur fees unknowingly
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