Budgeting
In the 50/30/20 rule, what are the categories assigned to each percentage?
50% - Needs, 30% - Wants, 20% - Savings
This kind of account pays you interest on money you have deposited into it, although it's rate may not keep up with inflation.
Savings Account
True or False. Writing your rent check to your landlord will have an immediate effect on your checking account.
False
Banks have this insurance, and it is good for up to this amount. List the name of the insurance, and the amount it insures.
FDIC, $250,000
In P2P payment apps, the P2P stands for...
Person to Person or Peer to Peer
Saving a certain percentage each month after necessary expenses are taken care of is called......
Paying Yourself First
This kind of account has a balance that changes frequently, as it is used for your everyday transactions.
Checking
True or False. Depositing a check will effect your account immediately.
False
If you do not have overdraft protection but write a check for more than the amount of money you have, you will be charged this fee.
NSF
This kind of interest is only ever earned on the initial amount deposited
Simple interest
List these items in order form short term to long term goals. A new car, a gaming system, purchasing a plot of land in the country
Gaming system, new car, land in the country
if you receive an account alert that you're balance has dropped below a certain amount, this is a ______ alert.
Low balance
True or False. using your debit card to buy groceries will effect your account immediately.
True
If you have overdraft protection and write a check for more than what you have you will be charged this...
Overdraft fee
This kind of interest is earned on the initial deposit, and on the interest earned.
Compound interest
$1,050
Name at least three advantages of online banking.
24/7 Account Access, Request transfers, automatic deposit, online bill pay
If you are wanting to save money for a future purchase, is a checking or saving account is a good tool to use.
saving
True or False. If you do not have overdraft protection, transactions for more than what you have will still go through.
False.
These are the two factors that help you take advantage of company interest the most.
Starting as early as possible and interest rate
To make a monthly budget would you use your pre or post tax income?
Post
Between a saving and a checking account, this account will give you a higher interest rate.
Saving
This is the most frequently and expensive fee charged on accounts
Overdraft fee
Name the two ways you can avoid maintenance fees
Minimum balance and having a checking and saving account
Having your bank send your water company money for your bill each month is called
Online bill pay