Checking
Checking
Savings
Savings
Random-inflation, prepaid cards, unbanked
100

Which of the following transactions will REDUCE your checking account balance immediately?

  1. Writing your monthly rent check which you will mail tomorrow

  2. Using your debit card to pay for groceries at the supermarket

  3. Using your credit card to pay for your school books

  4. Depositing a check at a local bank branch

2. Using your debit card to pay for groceries at the supermarket

100

How often do customers typically receive a bank statement for their checking account?

  1. Daily

  2. Weekly

  3. Monthly

  4. Annually

3. Monthly

100

You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…

  1. Retirement, a house down payment, college tuition

  2. A new cell phone, college tuition, a house down payment

  3. A new cell phone, dinner with friends this weekend, a new bike

  4. Retirement, college tuition, a vacation

2. A new cell phone, college tuition, a house down payment

100

Which of the following is an effective strategy for personal saving?

  1. Wait until the end of the month and save whatever is left in your checking account

  2. Save a certain percentage of each paycheck and deposit it directly into a savings account

  3. Cover all of your wants and needs and save whatever is left over

  4. Take out a payday loan so you can save before you receive your paycheck

2. Save a certain percentage of each paycheck and deposit it directly into a savings account

100

All of the following are downsides of being unbanked EXCEPT:

  1. Lack of access to credit

  2. Lost time paying bills 

  3. Lack of fees associated with banks

  4. Difficulty making cashless purchases 

3. Lack of fees associated with banks

200

FDIC Insurance is...

  1. Optional coverage consumers can purchase so that their bank deposits remain safe

  2. Insurance bank branches can buy to protect their business against fraud and scams

  3. Required if you want to do online or mobile banking

  4. Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

4. Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

200

A person-to-person payment app could be used in each of the following scenarios EXCEPT...

  1. Tina pays her neighbor $200 for breaking his window with a softball

  2. Rafael writes a check to cover the entire month’s rent, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent

  3. Ahmed's soccer coach pays the team's registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee

  4. Mia pays Cheesy Pizza Co. for a pizza she orders on their website

4. Mia pays Cheesy Pizza Co. for a pizza she orders on their website

200

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, wants, savings

  2. Savings, needs, wants

  3. Needs, savings, wants

  4. Wants, needs, savings

1. Needs, wants, savings

200

Three of these statements best describe a checking account. Which statement best describes a savings account? 

  1. This account offers a convenient way to pay bills and access cash from an ATM

  2. This account pays you interest on money you have put away for later to help your money grow

  3. This account is automatically debited when you use a debit card

  4. This account typically allows an unlimited number of transactions per month

2. This account pays you interest on money you have put away for later to help your money grow

200

Fill in the blanks:  If inflation is _____________  your savings account interest rate then you will be ______________ purchasing power. 

  1. Higher than, gaining

  2. Higher than, losing

  3. Equal to, gaining

  4. Lower than, losing

2. Higher than, losing

300

Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.

  1. employer, bills

  2. employer, paycheck

  3. parents, allowance

  4. state government, taxes

2. employer, paycheck

300

Which of the following statements is an advantage of online banking?

  1. Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

  2. Using online banking allows you to earn a higher interest rate

  3. Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

  4. You can only shop online if your bank account has online banking features

3. Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

300

Which of the following statements is TRUE?

  1. The majority of Americans have an adequate emergency fund

  2. The majority of Americans have sufficient amounts of money saved for retirement

  3. The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement

  4. The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

4. The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

300

Which represents the BEST time to start saving for your retirement? 

  1. As soon as you have your first full-time job

  2. Right after you pay off your student loans

  3. Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

  4. At age 45, so you have exactly 20 years until retirement

1. As soon as you have your first full-time job

300

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that? 

  1. Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

  2. Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

  3. Aunt Tina and her family have high paying jobs and don’t worry much about money

  4. Aunt Tina only receives paper paychecks instead of direct deposit

2. Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

400

Name two reasons why it is important to check your bank statements on a regular basis.

Answers at discretion of teacher


400

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?

  1. Your credit card company covers the cost

  2. It is deducted directly from your checking account

  3. Your credit card company provides you with a cash advance to cover the cost

  4. It is deducted directly from your savings account

2. It is deducted directly from your checking account

400

Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund. 

  1. Days

  2. Weeks

  3. Months

  4. Years

3. Months

400

Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

  1. Regular savings account

  2. Money Market account

  3. Checking account

  4. Certificate of Deposit

4. Certificate of Deposit

400

Digital wallets and P2P payments have made the use of __________ less necessary.

  1. Mobile phones

  2. Driver's license

  3. Physical cash

  4. Insurance cards

3. Physical cash

500

What are two ways you can deposit money into your account and two ways you can withdraw money from your account

Answers at the discretion of teacher

500

Identify two fees that banks typically charge on a checking account and how you can avoid them.

Answers at the discretion of teacher


500

Explain why it is so important to put money away for retirement as soon as possible.

Your money will have time to grow with compound interest and the longer it has to grow the more you will earn.

500

Melissa is a salaried employee who earns roughly the same amount in every paycheck. Why would it be a great idea for her to set up an automatic transfer every pay period into her savings account?

Answer at discretion of teacher

500

All of the following are true about prepaid cards EXCEPT… 

  1. Prepaid cards typically include a lot of fees

  2. Prepaid cards are a useful option for someone who is unbanked to make online purchases

  3. Prepaid cards are a great way to build credit

  4. Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

3. Prepaid cards are a great way to build credit

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