Personal Finance Final Review

What type of banking institution is owned by shareholders?

• Credit Union

• Commercial Bank

• Savings and Loan

Which of the following options can’t be done using online banking using your phone?

• Deposit a Check

• Get Cash

• Pay a Bill

Which card should you use when you are online shopping?

• Credit Card

• Debit Card

What should you do with unused checks if you decide to switch banks?

• Give them to a friend

• File them in your office

• Shred/destroy them

What is the primary purpose of a checking account?

• Saving money for long-term goals

• Earning high interest on deposits

• Making everyday transactions and payments

How does online banking enhance the convenience of a checking account?

• By providing 24/7 access to account information and transaction history

• By eliminating the need to visit a physical bank branch

• By allowing for easy bill payment and fund transfers

• All of the above

Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which of the following savings tools should Hannah choose?

• Checking account

• Savings account

Which account would you put money into so you can remove it quickly for an emergency?

• Certificate of Deposit

• Mutual Funds

• Savings Account

Which of the following is a feature of a certificate of deposit (CD)?

• Funds deposited in a CD are held for a certain length of time.

• Funds deposited in a CD are very liquid.

• Funds deposited in a CD can be accessed via check or debit card.

Which of the following is MOST LIKELY a fixed expense?

• dry cleaning bill

• new all-season tires

• mortgage/rent payment