Q4 Freshman Success Benchmark Review

Which of the following should NOT be considered when setting a current budget?

• Future income

• Your financial goals

• Needs and wants

• Savings

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

• They charge high fees

• They have limited operating hours during the day.

• They sometimes offer free services

• They delay when you can access your cash.

What is it called when someone doesn't have enough money in an account to cover a charge?

• Insufficient funds

• Compound interest

• Pending charge

• Negative balance

Why would you possibly not be able to use a check that you just deposited in a checking account?

• The deposit is still pending

• The deposit has been overdrafted

• The FDIC/NCUA has not insured it yet

• The financial institution is closed for the day

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

• Your bank

• The local police station

• The CFPB

• All of the above

What is interest?

• The money a bank pays you for allowing them to use your money

• A reward for maintaining a certain available balance in a checking account.

• A reward for avoiding penalties on a checking account

• Bonuses given for using a debit card.

Julie wants to open an account at an institution that offers free checking and higher interest on deposits. Julie's parents are eligible to join a credit union. Which financial institution is a good choice for Julie?

• Credit union

• Brick-and-mortar bank Internet bank

• Cash advance

• Payday loan company

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

• Checking account

• Savings account

• Money market account

• None of the above

Who do you contact to get your credit report?

• The credit bureaus

• Your financial institution

• Any credit card company

• The Department of Consumers Affairs

Which of the following statements about investing is TRUE?

• Investing is riskier than putting money in a savings account

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

• Investing is best for short-term financial goals

• Investing is a guaranteed way to make money