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Basic Account
Money Market Account
CD Account
Retirement Account
529/Mutual Funds/Stocks/Bonds
100
What information would a bank require when you open up a regular savings account? _______________________________________________ a. Your email address b. Your facebook name c. Your Social Security number d. None of the answers are correct
What is Social Security Number
100
A Money Market Account is used for: ____________________________________________ a. spending money to buy groceries b. saving money c. writing checks sometimes d. both B and C are correct answers
What is d. Both B and C are correct answers.
100
What do the letters CD stand for in the bank/savings industry? _____________________________________________ a. county of deposit b. certificate of deposit c. community deposit d. None of the above
What is Certificate of deposit
100
When you open a retirement savings account, the purpose is to save money for...... _______________________________________________ a. The end of the year b. Next few months c. When you stop working for the rest of your life d. A few years.
What is c. When you stop working for the rest of your life.
100
When you open a 529 Savings account, what must you do with the money you saved? _______________________________________________ a. take a cruise b. transfer it into another retirement account c. Invest it in stocks d. Use it to pay college tuition
What is d. Use it to pay college tuition
200
While your money is in the bank, where is it kept? _______________________________________________ a) In a little black box with your name on it b) In a vault c) It is being used by the bank to invest. d) No one really knows for sure.
What is c. It is being used by the bank to invest.
200
The difference between a savings account and a money market account is: ______________________________________________ a. the Money Market Account pays a lower interest rate b. The Savings account pays a higher interest rate c. The Money Market Account requires a larger balance than a savings account d. The Money Market Account does not include writing checks.
What is C. The Money Market Account requires a larger balance than a savings account.
200
When you give the bank or credit union your money to save in a CD account, what do you receive in return? _______________________________________________ a. a certificate of receipt b. interest c. a good credit score d. A and B are correct answers
What is d. A & B are correct answers
200
An example of a retirement account is ______________________________________________ a. 529 Savings account b. Money Market Account c. Certificate of Deposit d. IRA (Individual retirement account)
What is d. IRA (Individual Retirement Account)
200
If you do not use the money from your 529 Savings account for what its intended for, what can happen? _____________________________________________ a. You go to jail for 2 months b. You might pay a 10% penalty on your money c. Nothing happens, you just keep on saving it. d. You forfeit all your money to the bank.
What is b. You might pay a 10% penalty on your money
300
The longer you leave your money in your savings account, _______________________________________________ a. the higher rate of interest you receive b. the more interest you earn c. The more taxes you get back from the government c. The lower rate of interest you receive.
What is b. The more interest you earn.
300
You can open a Money Market Account where? _______________________________________________ a. Tops Market b. Certain Banks c. Certain Credit unions d. Both B and C.
What is d. Both B & C
300
When you saving your money through a certificate of deposit, which of the following is a requirement by the bank? _______________________________________________ a. You must earn a higher rate of interest than the government allows. b. You may not withdraw your money for 1 to 5 years c. If you withdraw your money early, you must pay a penalty fee. d. You can maintain a balance of any amount you wish.
What is c. If you withdraw your money early, you must pay a penalty fee.
300
When you open a retirement account, what does the bank do with your money? ____________________________________________ a. They use it to play monopoly. b. They invest it into other businesses. c. They keep it in a vault. c. None of the answers are correct.
What is b. They invest it in other businesses.
300
A collection of stocks, bonds, or other investments are managed in a ___________________. _______________________________________________ a. Safe deposit box b. locked file cabinet c. portfolio d. wallet.
What is c. portfolio
400
In some banks, if you don't keep enough money in your savings account, the bank will ______________________________________________ a. lower your interest rate b. charge a late fee c. charge a monthly penalty fee d. None of the above
What is c. Charge a monthly penalty fee
400
What does a Money Market Account have in common with A regular savings account? _______________________________________________ a. Only A savings account earns interest b. Both are risky c. Both are insured by either FDIC or NCUSIF d. Both have tax deferred restrictions
What is c. Both are insured by either FDIC or NCUSIF
400
The longer you leave your money in the bank in a CD.... _______________________________________________a. the more wrinkled your certificate will get b. the more profit the bank will lose c. The more interest you will earn on your money d. The less penalty you'll pay if you withdraw it early.
What is c. The more interest you will earn on your money
400
Retirement accounts have rules and stipulations with what you can do with your money. Which of the following is NOT a true statement. _______________________________________________ a. You cannot share your money after you withdraw it. b. There is a steep penalty for taking your money out before a specified time period. c. There are contribution limits on money deposited. d. Some employers will match contributions.
What is a. You cannot share your money after you withdraw it.
400
The person who manages your mutual funds or stocks is called a ____________________. ______________________________________________ a. manager b. broker c. bank teller d. clerk
What is b. broker
500
When you have a savings account with a bank, _______________________________________________ a. You may not withdraw your money anytime you want it. b. You may only withdraw a certain amount of money per month c. You may close your account at any time. d. None of the answers are correct.
What is c. You may close your account at any time.
500
Where is your money kept in a Money Market Account? _______________________________________________ a. You'll never see it again b. Its being invested in other businesses c. Its sitting in the vault earning interest d. None of the answers are correct
What is b. Its being invested in other businesses
500
What does a certificate of deposit have in common with a regular savings account and a money market account? _______________________________________________ a. no one knows where the money is kept for sure. b. There is little risk in the bank losing your money. c. It is protected under the FDIC and NCUSIF d. Both B & C are correct
What is d. both B & C are correct.
500
While your money is in a retirement account, what is something that you are not required to do with that money being saved? _______________________________________________ a. keep track of it on your own b. pay taxes on it c. Keep working on your job d. All the answers are correct.
What is d. all the answers are correct.
500
When you purchase a bond, what is YOUR role in the transaction. ______________________________________________ a. You are a borrower b. The government is the borrower c. You are the lender d. B&C is correct.
What is d. B&C is correct.