Next Gen Personal Finance Final Exam
Authored by Byron Suquilanda
Financial Education
9th - 12th Grade
Used 6+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1A. Which of the following transactions will REDUCE your checking account balance immediately?
Writing your monthly rent check which you will mail tomorrow
Using your debit card to pay for groceries at the supermarket
Using your credit card to pay for your school books
Depositing a check at a local bank branch
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1B. When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
Your account will be closed
You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn ($29) + interest
Since you requested overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied
The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1C. What is the mathematical formula that you would use to describe the financial activity on a bank statement?
Ending Balance = Previous Balance + Deposits + Withdrawals + Fees
Ending Balance = Previous Balance - Deposits + Withdrawals - Fees
Ending Balance = Previous Balance + Deposits - Withdrawals - Fees
Ending Balance = Previous Balance - Deposits - Withdrawals + Fees
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1D. Which TWO of the following statements are advantages of online banking?
A & B
B & C
B & D
A & C
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2A. How is an online savings account different from a traditional savings account?
An online savings account includes a mobile app, while a traditional savings account does not
An online savings account is offered by a bank that customers can only access online rather than at a physical bank branch
Online savings accounts will only offer electronic statements rather than paper copies
Online savings accounts cannot be FDIC insured, whereas traditional savings accounts can
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2B. Fill in the blanks with the correct responses. If you follow the 50-20-30 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 20% of your monthly income toward _____________, and 30% of your monthly income toward ______________.
Needs, wants, savings
Savings, needs, wants
Needs, savings, wants
Wants, needs, savings
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2C. Stanley deposits $1,000 into a savings account that pays 1% interest. At the end of the first year, he's earned $10 in interest and there is $1,010 in the account. If the account has simple interest, the 1% interest for year two would be based off ____________. If the account has compounding interest, the 1% interest for year two would be based off ________________.(NOTE: The first choice goes in the first blank, the second choice goes in the second blank)
The original deposit ($1,000); The year one account balance ($1,010)
The original deposit ($1,000); The year one interest ($10)
The year one account balance ($1,010); The year one interest ($10)
The year one account balance ($1,010); The original deposit ($1,000)
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