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Savings Midterm

Authored by Renee Allen

Business

11th - 12th Grade

Used 2+ times

Savings Midterm
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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a bank says their savings account earns 1% interest, that typically means you will earn 1% interest over what period of time?

Daily

Monthly

Quarterly

Every 3 months

Annually

Every 2 years

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much money should try to save in your emergency fund?

3-6 days worth of expenses

3-6 weeks worth of expenses

3-6 months of expenses

3-6 year's worth of expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To maximize saving, the rate of return for saving accounts should be exactly equal to the rate of inflation

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can credit cards make it more challenging to save?

Many banks will not let you have a savings account if you already have a credit card.

Credit cards make it easier to spend money

you will be charged a fee for every credit card transaction

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With savings accounts can you use the money using a debit card?

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you used the 50-30-20 rule of budgeting, how much money would you be saving?

20%

30%

50%

100%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following individuals is the wealthest?

Keith owns a $500,000home and has a $460 mortgage

Maria owns a $15,000 car and owes $45,000 in student loans.

Denise owns a $50,000 car and has a $5000 remaining on her car loan

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