Buggs Bunny
For profit institution that earns money through fees and interest
What is a bank?
This is how many months expenses you should have, as a minimum, according to financial experts should an emergency befall your family.
3-6 months
An account at a depository institution that provides an easy method for withdrawing or depositing money.
What is Checking Account?
This is what the acronym PIN stands for.
What is Personal Identification Number?
--Daily Quadruple--
These are non-profit organizations owned by their members.
What are credit unions.
What is the simple interest on a College Fund of $14,000 at 6% for 9 years?
What is $7,560?
--Daily Double--
Chuck works at the MO factory and is celebrating his 15th semiannual work anniversary by taking his co-workers out for tacos.
Chuck has worked this long at the Mo factory.
What is 7 and a half years?
What can you do instead of overdraft protection?
You can get emails sent to you when you account goes below a certain amount.
Name 2 Peer 2 Peer payments or money transfer apps.
What are Zelle, Venmo, PayPal, and Cash App?
This is what the acronym ATM stands for.
What is Automated Teller Machine?
Find the amount of savings if $1,000 is deposited for 7 year at 5% annual compounded interest.
What is $1,407.10?
--Daily Tripple--
Calculate the simple interest on a principal of $34,000 at 4% for 3 years
What is $4,080?
These are four banking fees.
1. Out of Network ATM Fee
2. Monthly Service Fee
3. Non-Sufficient Funds Fee
4. Wire Transfer Fee
5. Excessive withdrawal Fee
An account at a depository institution that used for a fixed period of time and allows restricted access to the funds deposited.
What is Certificate of Deposit?
This is what the acronym NSF stands for.
What is Non-Sufficient Funds.
This is what the acronym NCUA stands for.
What is the National Credit Union Administration.
The number of monthly withdrawals may be limited. If limit is reached the owner of the account will be charged a fee.
What is an excessive transaction fee?
This gives the bank permission to withdraw money from a savings account if more money is spent than is in the account.
What is overdraft protection?
Lex has $1,780.80 in his savings account that he opened 6 years ago. His account has an annual interest rate of 6.8% compounded annually. How much money did Lex use to open his savings account?
$1,200
This is what the acronym APY stands for.
What the Annual Percentage Yield (APY).
When your pay check automatically goes into your bank account.
What is direct deposit?
These are small, privately owned banks that offer many services and branches across the United States.
What is a private bank?
Similar to a savings account but earn higher interest rates and has a higher minimum balance/deposit requirements.
What is Premium or Interest Bearing Savings Account?
An investment earns 3% each year and is compounded monthly. Calculate the total value after 6 years from an initial investment of $5,000.
$5,984.74
Tiffany has worked for Tony's Cars! Cars! Cars! for 13 quarters now. Tiffany has been an employee for this many years and months?
What is 3 years and 3 months.
Tell me 3 things about pre-paid cards
Prepaid cards typically include a lot of fees
Prepaid cards are a useful option for someone who is unbanked to make online purchases.
Prepaid cards are usually accepted anywhere that debit and credit cards are accepted
What is the interest of a $21,000 deposit at 13.6% compounded bi-weekly for 4 years?
$15,129.32
Ronna was listening to her parents talking about what a good deal compounded interest was for a retirement account. She wondered how much money she would have if she invested $2000 at age 20 at 2.8% annual interest compounded quarterly (four times each year) and left it until she reached age 65. Determine what the value of the $2000 would become.
A = 2000(1 + 0.007)180 (because 45 · 4 = 180 quarters) = $7,019.96
If $8000 was invested with a 5.4% rate, after 8 years, how much more would you have made if the interest was compounded bi-weekly, rather than being simple interest?
Simple: $3,456 made,
Compound: $4,317.16 made,
Difference: $861.16
If $10,000 was invested with a 3% rate, after 10 years, how much more would you have made if the interest was compounded daily, rather than being simple interest?
Simple interest: $3,000 made,
Compound interest: $3,498.42 made,
Difference: $498.42