Savings

Most Americans have an emergency fund and money saved for retirement

• True
• False

The power of compound interest works BEST the longer an investment is allowed to grow

• True
• False

Commercial Banks offer more financial services than Credit Unions

• True
• False

A savings account should be used for daily purchases

• True
• False

A speeding ticket is an item that you would use money from an emergency fund for

• True
• False

If your savings account rate is lower than the inflation rate -you will make money

• True
• False

If you deposit $200 into a CD @ 1% for 3 years, how much simple interest will you earn ?

• $1
• $5
• $6
• $35

You have a savings account with an average balance of $500, which bank has the better deal?

• Bank A with 10% annual interest rate and $5/month in fees
• Bank B with 2% annual interest rate and no fees
  
• They are the same
• Neither is a good choice

To successfully open a savings account, which of the following is NOT required?

• Evidence of a job
• Minimum deposit (if applicable)
• A legal form of identficiation
• If under 18, a guardian's signature

Elizabeth is investing her money into an account that gives her an interest rate of 4%. How many years will it take her money to double?

• 10
• 12
• 15
• 18