Which savings account will earn you the least money?

One that earns simple interest monthly.

One that compounds interest daily.

One that earns simple interest daily.

One that compounds interest monthly.

Which savings account will earn you the most money?

One that compounds interest daily.

One that compounds interest monthly.

One that earns simple interest daily.

One that earns simple interest monthly.

Why is it important to reconcile your bank statements?

To detect any errors in your account.

To determine if you were charged any fees.

To avoid spending more than what is in your account.

How can you avoid spending more than what is in your bank account?

Keep your own records to compare with your financial institution's records.

Check your bank statement once a month.

Ask your financial institution to notify you when you are close to $0 in your account.

How would you reconcile your bank account to avoid spending more than you have?

Compare your own records of your spending with your financial institution's records.

Contact your financial institution to read your transactions for the past month.

Review your bank statement once at the end of the month.

What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

Ask someone nearby for help using the ATM.

Find a hidden ATM so no one will see you withdraw money.

Share your pin number with trusted friends so you don't forget it.

What should you do before you approach an ATM?

Check for any suspicious people lurking nearby.

Make sure it is hidden so no one will see you withdraw money.

Ask someone nearby for help using the ATM.

Share a picture of your debit card with your friends.

What should you do before you use an ATM?

Inspect the ATM and its surroundings to make sure it is safe to use.

Ask someone nearby for help using the ATM.

Share your pin number with trusted friends so you don't forget it.

Memorize your debit card number because you'll need to type it in at the ATM.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually require a minimum balance.

Savings accounts pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements about savings accounts is FALSE?

Savings accounts allow an unlimited amount of withdrawals each month.

Savings accounts don't usually pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

Which of the following statements about investing is TRUE?

Investing is riskier than putting money in a savings accounts.

On average, putting money in a savings account earns a higher return than investing money in the stock market.

Investing is a guaranteed way to make money.

Investing is best for short-term financial goals.

Investing is best for

long-term financial goals, like paying for retirement.

short-term financial goals, like building an emergency fund.

earning a little interest while keeping your money safe.

guaranteed fast growth on your money.

Which of the following statements about investing is FALSE?

Investing is a guaranteed way to grow your money.

Investing is riskier than putting money in a savings account.

Investing is best for long-term financial goals, like paying for retirement.

On average, investing money in the stock market earns a higher return than putting money in a savings account.

A share of ownership in a company.

A type of investment that invests in a mix of different types of investments.

A type of debt investment that acts like a loan.

A type of savings account that pays interest based on current interest rates in the money market.

A type of investment that invests in a mix of different types of investments.

A type of debt investment that acts like a loan.

A share of ownership in a company.

A type of savings account that pays interest based on current interest rates in the money market.

Which of the following statements about stocks is TRUE?

A stock is a share of ownership in a company.

A stock is a type of debt investment that acts like a loan.

A stock is a type of investment that invests in a mix of different types of investments.

A stock is a type of savings account that pays interest based on current interest rates in the money market.

The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

The amount of pay earned for the total number of hours worked.

The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

Your gross pay plus any bonuses.

What is the purpose of the W-4 form?

To inform your employer of how much federal income tax to withhold from your paychecks.

To determine how much your gross pay should be.

To avoid paying income taxes on your paychecks.

What does the W-2 form tell you?

How much you've earned and how much taxes you've paid in the last year.

How much federal income tax your employer will withhold from your paycheck.

How often your employer will be paying you.

Why is it important to have insurance?

It's important to have insurance so people can protect themselves from losing a lot of money in the event of an unpredictable event or something happens to them or their property.

So individuals can defend against the possibility of financial loss due to unpredictable event

So people can engage in risky behavior without financial consequences

Final Exam Personal Financial Literacy

12th Grade

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40 Qs

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Practice Problem

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Dinah Ogbondah

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Money market account

Certificate of deposit

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Final Exam Personal Financial Literacy

40 questions

Which of the following is NOT a common feature of a financial institution?

Which of the following is NOT a common feature of a financial institution?

Which of the following is NOT a common feature of a financial institution?

Which of the following statements about check cashing companies is TRUE?

Which of the following financial institutions typically have the highest fees?

Which of the following statements about check cashing companies is FALSE?

Which type of bank account typically offers the least (if any) interest?

Savings accounts typically offer more interest than what type of account?

Which type of bank account is best for everyday transactions?

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

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