P5 Scams, Bankruptcy, Bank Accounts, Compound Interest

Which type of bank account does not earn interest?

• Checking

• Savings

• Money Market

• Certificate of Deposit (CD)

Which type of bank account requires you to leave your money alone for a specific period of time?

• Checking

• Savings

• Money Market

• Certificate of Deposit (CD)

________ interest means you earn interest on top of the interest already paid to you

Which TWO statements are true about bankruptcy?

• It's a good option if you don't want to pay for things

• It will be nearly impossible for you to get a car loan, credit card, or mortgage for about 10 years

• Only you and the bank will be able to know you filed for bankruptcy

• Any savings accounts that you have will be emptied

• All student loans will be forgiven so you don't need to pay them back

You should only give out your credit card information on the phone if...

• The person on the other side sounds professional

• YOU called the bank/company (they didn't call you)

• The call is from an 808 number

• The person emailed you before calling

COUNTING TODAY, how many more school days do we have left in PUEO?

• 8

• 9

• 10

• 11

Which type of bank account usually has a high minimum balance you need to maintain?

• Checking

• Savings

• Money Market

• Certificate of Deposit (CD)

True or False: Depending on the situation, compound interest can be something you earn OR something you pay

• True

• False

True or False: Sometimes, the IRS will call you to request information you left off of your tax forms.

• True

• False

When looking to open a bank account, which THREE of the following should you consider?

• How many times you get paid each month

• Any fees that might be charged

• How often money can be withdrawn from the account

• The amount of money you chose to withhold for taxes on your W4 form

• Any minimum balance that is required