Banking

Front

Overdraft protection...

Back

Allows you to withdraw more money than you have in your account

Front

What is TRUE about banks and credit unions?

Back

Banks are for-profit institutions, while credit unions are non-profit

Front

Which of the following is NOT required to open a checking account? Proof of identity, Proof of address, Social security number, Minimum age requirement

Back

Minimum age requirement

Front

What feature is the LEAST important for a college student to look for in a checking account? Options: Low or no monthly fees, Convenient ATM access, High interest rates, Online and mobile banking

Back

High interest rates

Front

What is a typical overdraft fee?

Back

$25

Front

Which is NOT a typical goal for a savings account?

Back

Saving for retirement

Front

About how much should you save in an emergency fund?

Back

6 months of expenses

Front

What are some reasons for why so many Americans live paycheck-to-paycheck?

Back

All of the above (Low wages, High cost of living, Lack of financial education)

Front

How does the 50-20-30 rule distribute your income?

Back

50% for needs, 20% for savings, 30% for wants

Front

Difference between compound interest and simple interest?

Back

Simple interest is calculated on the initial amount only