P. Finance Test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| How is wealth defined? | Assets minus debts
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| 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
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| Which is NOT a typical goal for a savings account? | To buy groceries for the week
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| What is the general rule of thumb on how much you should save? | 20% of your income
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| What is a 529 account? | A tax exempt fund that lets your savings grow for school
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| About how much should you save in an emergency fund? | 3-6 months of living expenses
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| What is a good strategy to help you save? | Pay yourself first - set aside money for savings each month
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| 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
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| 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
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| What are some reasons for why so many Americans live paycheck-to-paycheck? | Many people impulse shop
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| What is a benefit of opening up a Health Savings Account (HSA)? | You can use pre-tax $ to pay for out-of-pocket costs
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| How does the 50-20-30 rule distribute your income? | 50% expenses, 20% saving, 30% flexible spending
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| How is compound interest different than simple interest? | It is simple interest + interest earned on that interest
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| How does inflation impact the money in your savings account? | The purchasing power of your money decreases over time
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| Assuming a rate of growth of 8%, in how many years will your money double? | 9 years
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| At what rate does your $ need to grow at to double in18 years? | 4%
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| Savings accounts differ from checking accounts in that... | Money in a savings account can be used to fund a bank's loans
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| What might you need to open a savings account? | Identification
Minimum opening deposit
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| True or False: You need a checking account to open a savings account. | False
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| Which is true about Certificates of Deposits (CDs) | The bank can loan out the $ in your CD
The bank pays you interest in return
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| People who are unbanked are likely to... | Incur lots of fees at Check Cashers to access their money
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| You can access the money in your checking account by... | Transferring money through your online account
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| Overdraft protection... | can keep you form overdrawing, but charges a high fee
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| Which of the following fees may banks charge you? | Monthly Maintenance Fee
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| A checking account is best used for... | Storing money to spend
Placing money you earn
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| What is the benefit of using direct deposit? | You don't have to spend time and energy depositing a check
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| Which of the following is TRUE about banks and credit unions? | Banks are for-profit, credits unions are not-for-profit
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| Which of the following is NOT required to open a checking account? | Your or your parents' previous year's tax return
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| Which of the following is TRUE of prepaid debit cards? | They can be used as an effective budgeting tool
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| Which of the following is NOT a common way most people are using P2P, such as Venmo? | To pay off their credit cards
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| 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
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| What feature is the LEAST important for a college student to look for in a checking account? | Interest rate
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| 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
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| Which of the following is TRUE about Student Checking Accounts? | Some have monthly fees
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| Which of the following is FALSE about check registers? | You can submit them to the bank to verify each transaction
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| What is a typical overdraft fee? | $35
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| Text or email alerts can notify you of... | Low balances
Unusual activity
Deposits
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| How can you protect your checking account when using online and mobile banking? | Use a strong password
Connect to a secure WiFi Network
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| 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
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| 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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