Checking Accounts
Savings Accounts
Calculating Savings
Credit Cards
Credit Score
100
When writing a check, what goes on the Memo line?
What the check is for.
100
What type of savings account offers higher interest rates and is only available online?
High Yield Savings Account
100
You are saving up for a trip to Florida that will cost $2,500. How much will you need to put aside each month to go on your trip in 9 months?
$277.78 per month
100
What is a credit card balance?
The amount you owe on a credit card.
100
What is a credit score?
A number that measures how likely you are to repay debt.
200
What goes on this line?
The amount written in words with the cents written as a fraction.
200
What type of savings account offers easy access to the money with the use of a debit card, checkbook, or ATM?
Money Market Account
200
You deposit $750 into a savings account that earns 3.75% simple interest. How much interest will the deposit earn after 4 years?
$112.50
200
What is a credit limit?
The maximum amount you can spend on your credit card.
200
What can a good credit score get you? (Give two different things.)
Approval for loans and credit cards
Lower interest rates on loans and credit cards
Approval for apartment leases
Lower insurance rates
300
What is a checkbook register and why should you use one?
A place where you keep track of all checking account activity. You can catch bank errors, fraudulent activity, and keep track of outstanding checks.
300
What type of savings account requires you to leave your deposit in the account for a certain period of time?
Certificate of Deposit
300
You deposit $1,500 into a savings account that earns 4.25% interest compounded annually. How much will be in the account after 12 years?
$2,471.75
300
What is a balance transfer and why can it be useful?
When you transfer the money you owe from one credit card to another.
300
Name at least 2 factors that determine your credit score.
Payment history Length of credit history
Credit mix Credit utilization
New credit
400
Name 4 ways to withdraw money from a checking account.
At a bank Write a check 3rd party app
Through an ATM Account transfer
Debit card purchase Automatic bill pay
400
What is the equation for simple interest?
I=prt
400
You deposit $2,500 into an 18-month certificate of deposit with a compound interest rate of 4.5%. How much will you get when the deposit matures?
$2,670.63
400
What is a cash advance and why is it costly?
Borrowing cash using your credit card.
There is a fee charged and a higher interest rate.
400
What is a secured credit card?
A credit card that requires a security deposit to protect you and the lender in case you miss a payment.
Your credit score will not be affected by negative activity.
500
Name 4 ways to deposit money into a checking account.
At a bank Mobile check deposit
Direct deposit 3rd party app
Account transfer Refund
500
What is the equation for compound interest?
A=p(1+r)^t
500
You are deciding which CD to deposit $4,000 into. Which option will give you a higher return? Show your work!
Option A: 5 years at 3% compounded annually
Option B: 3 years at 4.25% compounded annually
Option A: $4,637.10
Option B: $4,531.98
500
How can you avoid building credit card debt?
Pay off your balance on-time every month.
Treat it like a debit card.
Make at least the minimum payment on any balance you carry.
500
Name at least 1 of the 3 credit bureaus.
Experian
Transunion
Equifax