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Chapter 1 Finance
Chapter 1
| Question | Answer |
|---|---|
| Which of the following is an effective strategy for personal saving ? | Save a certain percentage of each paycheck and deposit it directly into a saving account. (Paying yourself First) |
| All of the following are true about prepaid cards EXCEPT... | Prepaid cards are a great way to build credit |
| 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 ________. | 1.) Needs 2.) Wants 3.) Savings |
| You are developing a savings plan and using short-, medium, and long-term goals to motivate you. Which represents possible goals from short-terms to long-term? Save for... | A new cell phone, college tuition, and a house down payment. |
| Which represents the BEST time to start saving for your retirement? | As soon as you get your first full-time job. |
| All of the following statements about bank accounts are true EXCPET... | Historically, savings accounts earn higher returns than investments in the stock market. |
| Juan saved 1,000$ from his summer job cleaning pools. Which of these account types would work best for hm if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate? | Certificate of Deposit |
| Which of the following has the primary purpose of enabling contactless transactions with businesses? | Digital wallet like Google Pay or Apple Pay |
| 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 grow |
| FDIC Insurance is... | Protection for bank customers' deposits up to 250,000$, guaranteeing their money is still available if the bank goes out of business |
| Which of these is a reason someone might choose to open an online savings account rather than a saving account at a traditional bank? | Online savings accounts typically pay higher interest rates on deposits |
| You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to pay check." what does Aunt Tina mean by that? | Aunt Tina and her family don't have any money saved, and their paychecks are just covering monthly expenses |
| Experts recommend that you accumulate enough to cover 3 to 6 ________ of expenses in your emergency fund. | Months |
| You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from? | It is deducted directly from your checking account |
| Which of the following transaction will REDUCE your checking account balance immediately? | Using your debit card to pay groceries at the supermarket |
| Which of the following statement is an advantage of online banking? | Using online banking, you are request transfer, pay bills and automate your savings without visiting the bank branch |
| Jocelyn gets a text alert from the bank that her account balance has dropped below 100$ after a series of 20$ ATM withdrawals. She has not used her ATM in over a week and wonders what she would do. What would you recommend? | Contact your back immediately as it appears that her account may have been hacked |
| When signing up for a new checking account, you answer "yes" to receive overdraft coverage. On this day, you have 10$ in your account and g out and use your debit card to buy lunch for 12$, a movie ticket 12$ and dinner for 15$. What is the outcome? | You will likely be charged an overdraft fee for one or more of the transaction |
| How often do customers typically receive a bank state for their checking account? | Monthly |
| Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is 4,000 and her monthly expense are 2,000. If she plan to save 10% of her gross pay each month, how long will it take her to build her emergency fund. | 30 months |
| When signing up for a new checking account you answer "no" and opt out of overdraft coverage. on this day, you have 10 in your account and g out and use your debit card to buy lunch for 15 | since you decline overdraft coverage, the bank will not allow you to over draw your account as your debit card will be decline. |
| All of the following are downsides of being unbanked EXCEPT: | Lack of fees associated with banks |
| Fill in the bank: direct deposit typically refer to your ____ sending your _____ | Employer, paycheck |
| Fill int the blank: if inflation is _____ your savings account interest rate then you will be ___ purchasing power. | greater, losing |
| A person-to-Peron payment app could be used in each of the following scenarios EXCEPT... | Mia pays Cheesy pizza CO. for a pizza she orders on their website |
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