Foundations Savings Unit 3 Review

Front

What are the three basic reasons to save money?

Back

Emergency fund, purchases, and wealth building.

Front

What is the term for turning your money over to a financial institution for safekeeping?

Back

Deposit.

Front

Why is it important to have some cash at home even in a cashless society?

Back

Cash can be used if ATMs become disabled during a disaster.

Front

What is a legitimate reason to use your emergency fund?

Back

Your car battery died.

Front

What is a common reason that people don’t save money?

Back

All of the above.

Front

What is an emergency fund?

Back

A savings account used for unexpected expenses.

Front

What are some common purchases that might require saving money?

Back

Buying a car, home, or vacation.

Front

What does wealth building involve?

Back

Investing money to grow assets over time.

Front

What is the purpose of a savings account?

Back

To earn interest on deposited funds while keeping them safe.

Front

What are the benefits of having an emergency fund?

Back

Provides financial security during unexpected events.