Consumer Math Midterm

People who are unbanked are most likely to...

• Have a high credit score

• Have a low income

• Have a college degree

• Have a mortgage

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit institutions, while credit unions are non-profit

• Banks offer higher interest rates on savings accounts than credit unions

• Credit unions are insured by the FDIC, while banks are not

• Banks are owned by their customers, while credit unions are owned by shareholders

Which of the following is NOT required to open a checking account?

• Proof of identity

• Proof of address

• Social security number

• Minimum age requirement

Tags

CCSS.7.RP.A.3

Which of the following is FALSE about check registers?

• They help you keep track of your account balance

• They are used to record deposits and withdrawals

• They are no longer necessary with online banking

• They can help you detect errors or fraud

What is a typical overdraft fee?

• $10

• $25

• $50

• $100

Tags

CCSS.7.EE.B.3

You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

• Process the largest check first

• Process the smallest check first

• Process the checks in random order

• Process the checks in alphabetical order

Tags

CCSS.7.EE.B.3

Why is understanding a bank's fees particularly important for students or young adults?

• They are more likely to have a low income

• They are more likely to have a high credit score

• They are more likely to have a mortgage

• They are more likely to have a college degree

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.2

CCSS.RL.8.1

CCSS.RL.9-10.2

What are some reasons for why so many Americans live paycheck-to-paycheck?

• Low wages

• High cost of living

• Lack of financial education

• All of the above

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

How does the 50-20-30 rule distribute your income?

• 50% for needs, 20% for savings, 30% for wants

• 50% for savings, 20% for needs, 30% for wants

• 50% for wants, 20% for savings, 30% for needs

• 50% for needs, 20% for wants, 30% for savings

Tags

CCSS.6.RP.A.3C

Saving accounts differ from checking accounts in that...

• Saving accounts have higher interest rates

• Saving accounts have more fees

• Saving accounts have unlimited transactions

• Saving accounts have overdraft protection