Managing Your Salary Quiz

This allows you to get immediate access to the money from your paycheck.

• Checking Account

• Direct Deposit

• Pay Card

• Check cashing

This financial institution has higher interest rates on loans, more fees, and lower customer service than credit unions.  However, they offer more high-tech advantages such as platforms and apps.

• Banks

• Credit Unions

• On-Line Banks

This allows you easy access to your money and you may get fraud protection.  However, it may take weeks to get your money back if fraud occurs.

• Credit Cards

• Debit Cards

What is the dollar amount of money that is insured by the FDIC (Federal Deposit Insurance Corporation) or the NCUA (National Credit Union Administration)?

• $100,000

• $500,000

• $250,000

• $300,000

This account pays interest, but it might not keep up with inflation.  Withdrawals can be made, but penalties or fees will be applied if the money is taken out before the maturity date.

• NOW Account

• Savings Account

• CD

• Money Market Account

If you cannot get a checking or savings account, your employer could put the money from your paycheck into a ____________.

• Pay Card

• Debit Card

Interest payments are an advantage of a _______ account over a ________ account.

• savings over checking

• checking over savings

What amount of savings should you maintain at any one time?

• 4 to 6 months

• 6 to 8 months

• 6 to 12 months

• 12 to 18 months

Unlimited access to your money is an advantage of a

• CD

• savings account

• NOW Account

• checking account

What percentage of your paycheck should you save?

• 5%

• 15%

• 10%

• 20%