Q: Those who do not have bank accounts are likely to spend ______ on fees for monetary exchange than those who have bank accounts.
A: More
100
Q: TRUE OR FALSE: When you want more money on your credit card, you load money onto it.
A: FALSE – All spending done from a credit card is a form of borrowing; you will have to pay back the money that you spend.
100
If you like to take out money a lot, what account fits you?
Checking account
100
Q: What does APY stand for?
A: Annual Percentage Yield
100
Q: How long can you have a bank account?
A: As long as your in good standing with the financial institutes.
200
Q: TRUE OR FALSE: If you are going to buy an item on the internet, you are probably going to need use some type of card (credit, debit, or prepaid).
A: True
200
Q. How long do you usually have to pay back the purchases you made with your credit card?
A: 25-30 days from purchase.
200
Q: You want an account to save you money, what account fits?
A: Savings Account
200
Q: What are three different ways to check your account balance.
A: Online, In Person, Mobile
200
Q: How many and what kinds of ID do you need to open a bank account?
A: You need two forms of identification, generally being a state issued I.D. and Social Security Card.
300
Q: Whats the difference between a Credit Union and a Banking Institution?
Credit Unions are not for profit, that are typically local and/or state based. While banking institutions are large or small, national or local.
300
Q: With a credit card, there are ___ for your spending.
A: Rewards
300
Q: Does a savings account have interest?
A: Yes it does, each bank has different interest rates for their savings account.
300
Q: What does ATM mean?
Q: Automatic Teller Machine
300
Q: How old do you have to be to have or open your own bank account?
A: 18 years old
(However your parents can open you an account as early as 13 years of age.)
400
Q: What is the benefit of having your bank insured by the federal government?
A: If your bank goes out of business, the government will ensure you still get your money back.
400
Q: With a credit card, you have the ability to build your ____.
A: Credit Score
400
Q: What are the different ways to deposit money into your account?
A: Direct Deposit, Cash, Check, and/or Wired transfer
400
Q: What does Net Worth Mean
A: Everything that you own minus everything that you owe.
400
Q: How much does a general bank account cost?
A: $10 (However generally these fees pending your financial institution)
500
Q: What are the different options for saving my money?
A: Storing money at home. Carrying all money with me.
Debit card linked to a checking account. Prepaid card Credit card.
500
Q: True or False - When you own a credit card you make more impulsive purchases.
A: True
500
Q: What are the three main account types?
A: Checking, Savings, and IRA.
500
Q: Whats the difference between a liability and an assets?
A: An asset as something your company owns that can provide future economic benefits.
Liabilities are your company's obligations , either money that must be paid or services that must be performed
500
Q: What are three things you need to know in order to create a budget?