Fin. Lit. 1
This type of account is used for everyday expenses.
Checking Account
Monthly Maintence Fee
A savings account is where you keep money for this.
Short Term Goals
What is a cashless society?
Does not use paper or coin currency.
What is one reason people should invest their money?
Answers will vary, teacher will decide if answer is correct.
A savings account with a high APY grows your money using the power of this.
Compound Interest
Why is it important to look at your checking account statements?
To see if there are unathorized charges
To create a budget
To track your spending
Name one reason it is important to start saving early.
Answers will vary, teacher will decide if answer is acceptable.
Why might someone set up reoccuring bill pay using online banking?
So they don't have to worry about it getting paid.
Buying assets like stocks with the intent to grow wealth over a long period of time.
The averge cost of an out-of-network ATM fee is?
$3.00-$3.75
What is a reason someone might be unbanked?
Unbanked - doesn't trust banks, excessive fees, doesn't have enough money to meet minimum balance
How much should you have in emergency savings?
Enough to cover 3-6 months of expenses.
What is one way you can keep your checking account safe from scams, fraud and hakers?
Answers will vary, teacher will decide if correct.
What best describes the Stock Market?
Businesses selling partial ownership of their companies to raise capital.
Name 2 budgeting strategies.
50/20/30
Pay Yourself First
Zero Balance
Envelope System
What are 2 ways you can get money out of your bank account
ATM
Counter Withdrawal
Drive-thru Teller Window
Make a purchase at the store
What fees should you avoid with savings accounts?
Monthly Maintenance Fees
Fees related to withdrawals and minimum balances
What are 2 advantages to online banking?
Easier Bill Payment
24/7 Access
Simpler Transfers
Easier Access to Balance
Better Visibility of Account Transactions
Sync Account with Apps
If you invest in the stock market will you always make money?
No
What information does your employer need if you want to set up direct deposit?
Your Account Number
Banks Routing Number
Bank Name
If I have my paycheck direct deposited, what does that mean.
My paycheck is paid directly to my checking account by my employer and I don't receive a paper check. I am given a paystub.
When creating your budget and deciding how much to put into savings, should you consider pre-tax income or after-tax income in making your decision?
after-tax
How do our values affect how we handle our finances?
Answers will vary, teacher will decide if answer is correct.
What is a stock?
An investment option that allows you to own a piece of a company.