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Banking - Unit Test

Authored by Hannah Ray

Other

9th - 12th Grade

22 Questions

Used 16+ times

Banking - Unit Test
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which of the following is an effective strategy for personal saving?

Wait until the end of the month and save whatever is left in your checking account

Save a certain percentage of each paycheck and deposit it directly into a savings account (Pay yourself first)

Cover all of your wants and needs and save whatever is left over
Take out a payday loan so you can save before you receive your paycheck

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. All of the following statements about bank accounts are true EXCEPT…

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails
Many banks pay interest on the money you deposit into your savings account
Historically, savings accounts earn higher returns than investments in the stock market
Money in a checking account is usually easy to access via ATM, debit card or check

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. All of the following are true about prepaid cards EXCEPT…

Prepaid cards typically include a lot of fees
Prepaid cards are a useful option for someone who is unbanked to make online purchases
Prepaid cards are a great way to build credit
Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…

Retirement, a house down payment, college tuition
A new cell phone, college tuition, a house down payment
A new cell phone, dinner with friends this weekend, a new bike
Retirement, college tuition, a vacation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.

Needs, wants, savings
Savings, needs, wants
Needs, savings, wants
Wants, needs, savings

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

8. Which represents the BEST time to start saving for your retirement?

As soon as you have your first full-time job
Right after you pay off your student loans
Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage
At age 45, so you have exactly 20 years until retirement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

9. Which of the following statements is TRUE?

The majority of Americans have an adequate emergency fund
The majority of Americans have sufficient amounts of money saved for retirement
The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement
The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

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