
U2 - Saving & Checking Accounts Review
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Education
11th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your money in a financial institution is insured up to $250,000 by the FDIC or NCUA.
$250,000
$100,000
$500,000
$1,000,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the responsibility of the bank to detect mistakes in your account.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Susie has had her job at Wal-Mart for 6 months and is eligible for their retirement program. Walmart will contribute up to 4% matching what Susie does.
What type of retirement account does Susie have? How much should she contribute? Why?
Susie has a 401(k) account and should contribute 4% because that is what they will match. Any less and she won't receive her full "free" amount from the employer.
Susie has a Roth IRA and should contribute $6,000 annually for tax-free growth.
Susie has a Traditional IRA and should contribute $5,000 annually to reduce taxable income.
Susie has a Pension and should contribute 25% of her income for maximum savings.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Type of financial institution that has set membership criteria needed to open an account is which of the following?
Bank
Credit Card
Savings & Loan
Credit Union
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The measure of how prices will increase over time and therefore how quickly money loses its purchasing power is known as:
Inflation
Pay yourself first
Liquidity
Principal
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When comparing saving accounts, a consumer should look for simple interest.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a consumer is looking for a savings or retirement account, one should look for LOW interest rates.
True
False
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