Personal Finance Semester Review

Front

You can access the money in your checking account by...

Back

Transferring money though your online account

Front

Overdraft protection...

Back

can keep you from overdrawing but charges a fee.

Front

Which of the following is NOT a common way most people are using P2P?
To pay rent, To pay off their credit cards, To pay back friends, To buy gifts

Back

To pay off their credit cards

Front

Why is understanding a bank's fees particularly important for students or young adults?

Back

With less banking experience they may incur fees unknowingly.

Front

Which of the following fee(s) may banks charge you? Online Statement Fee, Monthly Maintenance Fee, In-Network ATM Fee, Sufficient Funds Fee

Back

Monthly Maintenance Fee

Front

What is the benefit of direct deposit?

Back

You don't have to spend time and energy depositing a check

Front

How is wealth defined?

Back

Assets - Debts

Front

Which is NOT a typical goal for a savings account? Options: To create an emergency fund, To pay for higher education, To save for a new car, To buy groceries for this week

Back

To buy groceries for this week

Front

What is a general rule of thumb on how much you should save? Options: 5% of your income, 10% of your income, 20% of your income, 30% of your income

Back

20% of your income

Front

About how much should you save in an emergency fund? Options: 1-3 months of living expenses, 3-6 months of living expenses, 6-9 months of living expenses, 9-12 months of living expenses

Back

3-6 months of living expenses