Money Management & Accounting

Which of the following financial institutions typically have the highest fees?

• a) Check cashing and payday loan companies

• b) Credit unions

• c) Brick-and-mortar banks

• d) Internet banks

Which type of bank account typically offers the least (if any) interest?

• a) Money market account

• b) Savings account

• c) Certificate of deposit

• d) Checking account

Which type of bank account typically offers the highest interest?

• a) savings

• b) CD

• c) checking

• d) money market

Which savings account will earn you the most money?

• a) One that compounds interest daily.

• b) One that compounds interest monthly.

• c) One that earns simple interest daily.

• d) One that earns simple interest monthly.

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

• a) The CFPB

• b) No one, you can't resolve the issue

• c) Your financial institution

• d) The local police station

Which of the following is NOT a benefit of using a budget?

• a) A budget can help you decide the importance of your expenses.

• b) A budget can help you keep track of your money.

• c) A budget can help you make plans to reach your financial goals.

• d) A budget can help you purchase anything you want.

Which of the following is NOT a good way to track your spending?

• a) In your head

• b) Notebook and pencil

• c) Envelope method

• d) Online software or app

Which of the following is TRUE regarding unexpected expenses?

• a) They usually don’t affect your budget.

• b) They should be planned for.

• c) They usually don't affect your ability to pay bills.

• d) They should not be included in your budget.

When are loans a good option to use?

• a) To pay for airline tickets to your dream vacation

• b) When paying for higher education

• c) To buy that new television

• d) For a dream wedding

Which item is important to consider when selecting a credit card?

• a) Annual Percentage Rate (APR)

• b) Fees

• c) Both APR and fees

• d) The look of the credit card