My Savings
Which represents the BEST time to start saving for your retirement?
As soon as possible!
How often do customers typically receive a bank statement for their checking account?
Monthly
Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.
Months
The amount of money currently in an account is called this
Account Balance
FDIC Insurance is...
Protection for bank customers’ deposits up to $250,000
You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?
Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
A _________ account pays you interest on money you have put away for later to help your money grow
Savings Account
What does ‘ATM’ stand for?
Automated Teller Machine
Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?
Call the bank IMMEDIATELY
Provide one reason that it is important to start putting money away for retirement as early as possible.
1.Money accrues more interest if saved earlier
When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
You will be charged an overdraft fee
Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
These are systematic thought processes caused by the tendency of the human brain to simplify information processing through a filter of personal experience and preferences
Cognitive Biases
The majority of Americans do NOT have an adequate _____________ to help protect against financial risk
Emergency Fund
Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate? (Hint: "COD")
Certificate of Deposit
When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
Your card will be declined
Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.
Needs, Wants, Savings
This is the amount of money earned from an investment account (Hint: "ROI")
Return on Investment
DAILY DOUBLE
Tree, Poison Dart, Bull, Goliath, Smoky Jungle, Rain, Pac-Man, Mossy
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
30 Months
Identify two fees that banks typically charge on a checking account and how you can avoid them.
Overdraft Fee
Minimum Balance Fee
Monthly Service Charge
Paper Copy of Statement Fee
ATM Fee
Fill in the blanks: If inflation is ________than your savings account interest rate, you will be ______________ purchasing power.
Higher, losing
or
Less, gaining
Founded in 1971, the National Association of Securities Dealers Automated Quotations is better known as what stock exchange?
The NASDAQ
What’s the U.S. central banking system called? (Hint: "FR")
The Federal Reserve