Banking 1
Banking 2
Potpourri
Savings 1
Savings 2
100
What you do with your checking account to make sure you know exactly how much money you have after various deposits and withdrawals.
What is "balancing"? Can be said as balancing a checkbook or a checking account.
100
The result of withdrawing money from a Certificate of Deposit (CD) before the end of its fixed term.
What is a fee or penalty?
100
The interest earned on $5,000 after 1 year of 5% simple interest.
What is $250?
100
A plan for how you will spend the money you earn or receive.
What is a budget?
100
Two examples of savings vehicles.
Any two: What are simple savings accounts, CDs, and money market accounts?
200
The potential charges you must be sure to understand before opening a bank account.
What is a fee schedule? Would also accept: What are fees?
200
The name of the government body who oversees the US banking system.
What is the Federal Reserve?
200
The two words that mean the calculator key "LN".
What is natural log(arithm)?
200
A simplified method of figuring out how long it will take to double your money.
What is the rule of 72?
200
The meaning of the savings rule of thumb: "pay yourself first."
What is automatically putting aside a portion of your paycheck in savings.
300
The penalty for using an ATM that is not in your bank's network. Hint: two parts!
What is a fee charged by both your bank AND the other bank?
300
A type of bank run by its members offering low rates of credit.
What is a Credit Union?
300
The formula for compound interest end balance with variables defined.
What is P(1+r/n)^nt? P = Principal, r= rate, n = # times compounded annually, t = # years
300
The reason we use the number 72 for quick interest calculations.
What is closeness to 69.3 or divisibility with other numbers?
300
Two examples of long-term retirement savings account types.
What is an IRA, 401(k), or 403(b)?
400
The end balance of a checking account after starting with $1,200, depositing a $560 paycheck, using your debit card for a $22.50 movie date, and your $600 rent check clears.
What is $1137.50?
400
The primary type of customer for a Commercial Bank.
What are large businesses?
400
One responsibility of the Federal Reserve.
What is conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system or providing financial services (i.e. loans) to depository institutions, the U.S. government, and foreign official institutions.
400
The length of time to double $2,000 at 6% annual interest.
What is 12 years?
400
The amount earned on invested principal amount.
What is interest?
500
The 5 things you must fill out when writing a check.
What is the date, TO field, amount in words, amount in numbers, and your signature?
500
One advantage and one disadvantage of Certificates of Deposit (CDs).
What is safety (only real advantage) and withdrawal penalties or lower interest rates than other investments (disadvantages)?
500
The length of time it will take $3,000 compounded annually at 5% to quadruple using the Rule of 72
What is 28.8 years?
500
When interest is added to principal before the next investment period, and two examples of lengths of time for which it may be calculated.
What is compound interest? Would accept: daily, quarterly, monthly, or annually.
500
The interest rate required to turn $10,000 into $20,000 over 18 years.
What is 4%?
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