Savings
Checking
Credit/Debit
Budget
Miscellaneous
100
True or False:
Savings accounts help you to be responsible in saving money better because once the money is deposited, it cannot be taken out.
False
They typically require a minimum balance and may only allow a certain number of withdrawals.
100
True or False:
A checking account allows you to write checks and keep a record of payments.
True
100
True or False:
A credit card allows you to make purchases without cash, by promising that in the future you will pay for what is purchased.
True
100
True or False:
In a successful budget, the expenses are more than the income.
False
The expenses (-$) should be less than the income (+$).
100
True or False:
You can talk to your case manager if you feel you are at risk for credit trouble.
True
You can also discuss banking information with your bank/the company that your card is through (Bank of America Credit Card, Costco Credit Card, Visa etc.)
200
An ATM card is used to make withdrawals or deposits via ATM machines. Which account(s) can it be used for.?
1. Savings Accounts
2. Checking Accounts
3. Both Savings and Checking Accounts
3. Both Savings and Checking Accounts
200
If you spend more money than you have in your checking account, the bank will...
1. Allow you to pay for it later
2. Charge you another fee
3. Cover the difference in money themselves
2. Charge you another fee
200
Which of the following pays for things by taking money directly out of your checking account?
1. Credit card
2. Debit card
2. Debit card
200
How much money do you have to save for a budget to be helpful?
1. At least $25 a week
2. No more than $100 a week
3. Any amount
3. Any amount is helpful because little amounts add up.
200
What do you need to have when withdrawing or depositing money into an ATM?
1. PIN number
2. Signature
3. A witness
1. PIN number
300
Name one of the two ways to withdraw or deposit money to/from a savings account.
Through the bank (in person or online) or ATM
300
What is this called...
Balancing a checkbook
300
Which is the best strategy that you can use to avoid having bad credit?
1. Only buying something when you have a coupon
2. Creating a budget
3. Using your credit card for all of your purchases.
2. Creating a budget each week so that you do not spend more money than you have.
300
What is a benefit of having a budget?
To identify what your money is being spent on.
To encourage saving money.
Excess saved money can be spent on unexpected situations.
Identifying how your money is being used and how much you have.
300
A tool used to quickly help with math skills.
Calculator
400
Daily Double:
Once you save a certain amount of money in a savings account, you can earn ______ on this money. This increases over time to grow your balance.
Interest
400
Name a feature that is unique to checking accounts.
They allow you to write checks and connects to debit card.
They don't require a minimum balance of money.
The company/bank can add fees if you draw more money than you have in the account.
Helpful for people who want to manage how their money is being spent.
400
If you are unable to pay the full amount on your credit card bill, the company will...
Charge you interest on the amount you cannot pay
400
What is something typically found in a budget?
Income from employment or funding
Expenses: rent, gas, loans, bills, groceries, education, gym memberships, insurance, health visits, emergency situations
400
Which of the following is false:
1. Interest can add to your total balance.
2. Interest can mean you owe more than the original total.
3. Interest is typically a percentage amount added onto a sum of an original total that increases over time.
4. All interest is bad.
4. All interest is bad is false
Interest is the cost of borrowing money or earning money in savings. It can vary in amounts of interest depending on many different details (companies involved, for how long, the overall economy, etc.)
500
Name the feature that allows an employer or company to automatically send income to your bank account.
Direct Deposit
500
What can also be used like an ATM card to withdrawal or deposit money into one's checking account at an ATM.
A Debit card.
500
Daily Double!
What is a credit score?
It is a rating that predicts your ability to pay monthly expenses based on how you use and repay your credit card as well as other factors.
Typically ranges from 300-850, the higher the better.
500
If you make a budget and it doesn't work, what can you do?
Rework the budget to make sure it is designed in a way that works best for you.
500
What can a poor credit score affect?
It can make it more difficult to rent an apartment, buy a car, get a loan from the bank, get a credit card, etc.
For example, a landlord would be less likely to rent to a person with a lower credit score because it is riskier that they will pay the landlord back.