Checking & Saving REVIEW

Checking & Saving REVIEW

9th - 12th Grade

35 Qs

quiz-placeholder

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Checking & Saving REVIEW

Checking & Saving REVIEW

Assessment

Quiz

Life Skills

9th - 12th Grade

Hard

Created by

Ali Shelley

Used 3+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. Which of these statements about savings is incorrect?
People often believe they are saving when they buy products at a listed discount, even if they didn't need the product in the first place
It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit
Without a vehicle to save (like a savings account), it's much easier to spend and harder to keep track of finances
Billions of dollars is spent on marketing to persuade consumers to spend money instead of saving it

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. Jeremy is a 17-year-old junior in high school and just started his first job. He wants to open a savings account. Which of these will he need to bring to the local bank branch in order to start an account?
A letter from his school
A letter from his parents
An adult cosigner because he is under 18
An adult cosigner because he is still a student

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. Use the chart above. All three have fees competitive with other banks. Which bank is the best option?
Bank A
Bank B
Bank C
All 3 banks are equally good options

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. 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 (three months)
Annually (a year)

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

5. You open a new bank account at Eastside Savings. You see FDIC stickers around the bank, and the teller specifically mentions that Eastside Savings is "FDIC insured". A few months later, you hear on the radio that Eastside Savings is struggling to stay in business. Your savings balance is $500. What would happen to that money if Eastside Savings failed?
You would receive all the money you have deposited at Eastside Savings since FDIC insurance covers accounts up to $250,000.
You could lose $250 since FDIC insurance only covers 50% of the money you have deposited.
You would lose all of your money.
You would receive $250,000 since FDIC insurance provides each account at the bank with $250,000 regardless of how much they have deposited.

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

6. Which list includes the most important factors to consider when opening a savings account?
The fees, the interest rates, and the minimum deposit to open the account
The fees, the interest rates, and the bank’s brand recognition
The fees, which bank your friend uses, and the minimum deposit to open the account
The fees, which bank your friend uses, and the bank’s brand recognition

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

7. 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 in a savings account
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

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