QUIZ: Ch. 2.1 and 2.3 (Math for Finance)

This type of bank account is primarily designed to:

1) Spend money regularly, and
2) Grant you the ability to write checks, if necessary:

• Checking Account

• Savings Account

• Money Market Account

• Brokerage Account

These 2 types of bank accounts are primarily designed to grow your money & typically earn you the highest interest rates:

(MUST SELECT TWO ANSWER CHOICES)

• Checking Account

• Savings Account

• Money Market Account

• Health Savings Account

Which of the bank accounts listed below is specifically designed to earn you the most interest on your money:

(*Not true today with varying interest rates at each bank, but this was created with the intent to earn you the most interest)

• Checking Account

• Savings Account

• Money Market Account

• Health Savings Account

Match the following definitions and their terms

• Maturity

• The amount of money that a customer must have in order to be eligible for certain services, such as opening a bank account

• Interest Rate

• The amount of money in an account

• Minimum Balance

• The date on which a financial agreement ends, triggering a payment to some person or business

• Principal

• The percentage rate that is paid by a bank

Tags

CCSS.6.RP.A.3C

Definition: An investment product offered by financial institutions that states there's a specific sum of money on deposit and guarantees the payment of the principal (+) a fixed interest rate after a certain period of time, usually after 6-months to 1-year of time. *You can be penalized for withdrawing the money before the maturity date.*

• Check Book

• Certificate of Deposit

• Money Market Account

• Savings Account

[Ch. 2.1 Notes, Credit Union of New Jersey, Question #1] What is the maximum interest rate you can earn by placing your money in Credit Union of New Jersey's Checking Account?

• 6.00%

• 5.50%

• 5.00%

• 4.50%

[Ch. 2.1 Notes, VyStar Credit Union, Question #2] What % interest does VyStar offer on their Checking Accounts?

• 1.10%

• 2.10%

• 3.10%

• 0.10%

Tags

CCSS.7.RP.A.3

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.CED.A.4

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1