
SAVINGS
Authored by Renee Allen
Other
10th - 12th Grade
Used 2+ times

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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
Why is it important to save money?
to waste it
to be prepared for future needs
to buy useless items
2.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
When a financial advisor says that everyone should follow the principle of "Pay yourself first," the advisor means that a person should
pay credit card bills before going on vacation
borrow money to buy personal time
put aside money for saving and investing from each paycheck before spending
help family members reduce their credit card debt before saving for retirement.
3.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
Which is an example of "pay yourself first"?
Budgeting the same amount of money each month for entertainment.
Setting aside money from each paycheck to pay a car loan.
Paying the monthly telephone bill electronically from a checking account.
Saving some money from each paycheck before spending any of it.
4.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
Today, many people who are retired do NOT have enough money to pay their bills. What is the most likely reason for this?
Many individuals did not save and plan for retirement.
The rate of inflation decreased over the past twenty years.
Banks do not pay interest on savings and checking accounts once individuals reach age 65.
Social Security Income is only paid for three years after an individual retires.
5.
MULTIPLE CHOICE QUESTION
45 sec ⢠1 pt
A financially literate person invests and makes donations by using money that is
Left after paying his budgeted monthly expenses
In his emergency fund
From his pay-day loans
From his Roth Individual retirement Account (IRA)
6.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
What does it mean by the term "Interest"?
Saving money simply means depositing money from your regular income so that the saved amount can be used at the time of urgency or for any other future use.
money paid regularly at a particular rate for the use of money lent, money saved or for delaying the repayment of a debt.
money that has been leant to you that you will pay back.
money paid regularly at a particular rate for the use of money lent, money saved or for delaying the repayment of a debt.
7.
MULTIPLE CHOICE QUESTION
30 sec ⢠1 pt
If you wanted to save money, what type of account should you have?
Savings account
Transactional account
Credit account
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