Banking

Which savings account will earn you the least money?

• One that compounds interest daily

• One that earns simple interest monthly

• One that earns compound interest monthly

• One that earns compound interest weekly

Which savings account will earn you the most money?

• One that compounds interest daily

• One that earns simple interest monthly

• One that earns compound interest monthly

• One that earns compound interest weekly

Which of the following statements is TRUE?

• If there is a mistake on your account, there is nothing you can do about it

• If there is a mistake on your account you should wait 30 days as these issues tend to resolve themselves

• If there is a mistake on your bank account you should contact your financial institution immediately

• None of these

If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?

• Your local police station

• Your bank

• The CFPB

• All of these

Why is it important to save money?

• To have enough money once you stop working

• To make big purchases like cars or homes

• To have money in case of an emergency

• All of these reasons

Which of the following statements best describes interest?

• The fee that is paid for the convenience of borrowing money

• The fee that you earn for doing good at your job

• A tax that you have to pay in order to save money

• The fee that is paid to you for spending money

Which of the following situations will earn you the most money for retirement?

• Start investing in retirement as early as possible

• Start investing in retirement as late in life as possible

• Start investing by contributing large amounts of money in your 50s

• Invest as little money as possible for as long as possible

Why is it important to check your bank statements?

• All of these answers

• To avoid spending more than what is in your account

• To detect any errors in your account

• To determine if you were charged any fees

How is compound interest calculated?

• The initial investment amount ONLY

• The initial investment amount PLUS previously earned interest

How is simple interest calculated?

• The initial investment amount ONLY

• The initial investment amount PLUS previously earned interest