Monday Quiz Review

What transaction immediately reduces your checking account balance?

• Writing a check

• Using a debit card

• Using a credit card

• Depositing cash at the bank

You have overdraft protection and attempt to use you debit card, spending more than what you have in your checking account. What will happen?

• Your card will be denied

• The transaction will go through, but you will be charged fees

What is the mathematical formula that you would use to describe the financial activity on a bank statement?

• Ending Balance = Previous Balance + Deposits + Withdrawals + Fees

• Ending Balance = Previous Balance - Deposits + Withdrawals - Fees

• Ending Balance = Previous Balance + Deposits - Withdrawals - Fees

• Ending Balance = Previous Balance - Deposits - Withdrawals + Fees

Debit cards spend money from your _______ account and credit cards take out a ______ from the credit company

• Checking

  Loan

• Savings

  Loan

• Loan

  Checking

• Checking

  Savings

A type of savings account that earns high interest on a deposit that is untouched for a predetermined period of time

• CD (Certificate of Deposit)

• Checking account

• Online savings acocunt

• Traditional savings acocunt

Who completes a W-4 form

• The IRS

• Your employer

• Yourself

• Your state's Department of Revenue

Total earnings after payroll taxes and other deductions have been taken out

• Net pay

• Gross pay

True or False:

Your credit score can determine interest rates on loans and whether or not you may get approved for a loan

• True

• False

True/False:

If you work multiple jobs, you only need 1 W-2 form

• True

• False

Answer explanation

You need a separate W-2 form from EACH of your employers to file your taxes

Elizabeth is considering buying a $30,000 car.  Which of these financing options will likely lead to the LOWEST MONTHLY payment?

• $3000 down payment, 6% interest, 84 months

• $3000 down payment, 6% interest, 60 months

• $0 down payment, 6% interest, 60 months

• $0 down payment, 0% interest, 36 months