This is test Q
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 1. The primary purpose of a spending plan is to achieve which of the following goals? | To help you see the amount of income you have each month, pay all of your expenses, and put money into savings
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| Which of the following is NOT a way to earn income? | Volunteering at church
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| A monthly utility bill is an example of which of the following expenses? | C. Variable
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| A rent payment is an example of which type of expense? | B. Fixed
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| Donating to the local animal shelter is an example of which of the following types of expenses? | A. Discretionary
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| Which records can NOT give a thief access to your personal information? | D. Gift card to a department store
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| If your identity is stolen, who becomes responsible for restoring your credit to good standing? | C. You
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| 3. Where is a more popular place a thief would go to try to steal your personal information? | A. Your trash
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| How is it best to get rid of information you receive in the mail? | C. Use a shredder before placing it in the trash
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| Why do stores intentionally put small and inexpensive items near the checkout lines? | A. So shoppers will buy them without much thought
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| 2. Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years? | B. Intermediate goals
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| 3. Which of the following types of goals best describes something you can achieve in more than five years? | C. Long-term goals
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| Which of the following types of goals best describes something you can achieve in less than 12 months? | A. Short-term goals
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| 5. Which of the following is the first step in developing your goals? | A. Identify your personal goals
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| 1. Which of the following should NOT be considered when choosing a bank? | D. The size of the bank
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| 2. Which type of bank is most widely used? | A. Commercial banks
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| 3. Which type of bank has customers who are also owners? | B. Credit unions
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| Which type of bank offers full investment services as its main business? | C. Brokerage firms
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| 5. Which type of bank does not have an actual physical location? | D. Virtual banks
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| 1. What is the purpose of providing a bank statement to a customer? | B. To provide a snapshot of activity on the account during a specific time period
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| 2. Which of the following is NOT one of the main components of a bank statement? | C. Listing of deposits made during the previous three months
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| . You should keep all deposit receipts as well as receipts for purchases until which of the following happens? | A. Reconciliation process
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| 4. Why is the closing date listed at the top of your statement important information? | A. It provides you with a cutoff date for transactions included in the statement.
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| 5. The opening balance of your most recent statement should equal which of the following? | A. Closing balance of your last statement
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| 1. What are the two features of online and mobile banking? | C. Convenience and security
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| 2. Standard banking hours used to be 9 a.m. to 3 p.m., Monday through Friday. These hours meant what for their customers? | A. Access to their money was limited to these hours.
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| 3. Which of the following is NOT one of the advantages of online and mobile banking? | B. Manual bank reconciliation is still required.
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| 4. Which of the following is NOT a security feature? | C. Use of birthdates as your PIN
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| 5. PIN is an acronym which stands for which of the following? | B. Personal Identification Number
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| 1. Why is it a good idea to treat your savings account as a fixed expense each month? | A. Money can be deposited before it is used for discretionary spending.
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| 2. In which of the following choices are the expenses in the right order according to how they must be paid each month? | D. Pay the fixed and variable expenses, then pay the discretionary expenses
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| 3. Which of the following entities do NOT have access to your credit report? | C. Potential employers who are looking for new employees with good credit
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| 4. Which of the following is the first step you should take if your identity is stolen? C. Contact the bank and credit card companies where you hold accou | C. Contact the bank and credit card companies where you hold accounts
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| 7. The location of which of the following is important when considering a bank? | A. ATMs
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| 8. Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually? | A. Interest earned on an account
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| 10. The conversion of a message into code is known as which of the following? | D. Encryption
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Created by:
Ethan S..
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