Banking Check-In

All of the following are reasons to open a checking account EXCEPT… 

• Make it easier to pay bills

• Access to cash at an ATM

• The ability to make purchases with a debit card

• Earn interest on your deposits

Which of the following is usually a benefit of being a member at a credit union? 

• Higher interest rates and lower fees

• Lower interest rates and higher fees

• higher interest rates and higher fees

• lower interest rates and lower fees

Daisy reads her bank statement and finds an error.  She should…

• Do nothing. The bank will correct the error at the end of the month.

• Call the FDIC. She is insured up to $250,000.

• Call the bank. The bank will investigate the transaction to see if it was an error.

• Assume that it’s a transaction that she made and forgot about.

Which of the following is typically a feature of a savings account but not a checking account? 

• Ability to withdraw money from an ATM

• FDIC insured up to $250,000

• Your money earns interest

• Ease of making payments using a debit card

Tyreke has $5,000 to put into an account that earns compound interest. Which of the following is the BEST advice you can offer so that he can maximize interest? 

• It’s ok to open an account with a low interest rates as long as you deposit your money early

• Deposit your money as early as possible in an account with the highest interest rate possible

• Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect

• Compound interest will not have any effect at such a low dollar amount. Find different opportunities to earn interest on your savings.

Tags

CCSS.HSF-LE.A.1C

Which of the following is TRUE when comparing savings accounts and certificates of deposit?

• Savings accounts are FDIC insured while certificates of deposit are not

• Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time

• Savings accounts typically have a higher interest rate than certificates of deposit

• Both savings accounts and certificates of deposit allow you to deposit money at any time

Which of the following statements is TRUE about overdraft fees? 

• You are legally required to have overdraft protection for your account

• They are charged if you fail to meet the minimum balance requirement

• You are charged when more money is withdrawn from your account than it has available

• They are a one-time payment made by the bank to the account holder

Keon receives a $1,000 paycheck.  According to the 50/30/20 rule, how much should he put aside for saving?

• $100

• $200

• $500

• $1,000

Tags

CCSS.6.RP.A.3B

What is a major benefit of the Pay Yourself First strategy?

• It helps you budget all of your income for the month

• It is a good way to build credit

• It encourages you to prioritize saving money

• It generates additional income to cover essential expenses

How much money should you try to save in your emergency fund?

• 3-6 days worth of expenses

• 3-6 weeks worth of expenses

• 3-6 months worth of expenses

• 3-6 years worth of expenses

Tags

CCSS.6.RP.A.3B