Personal Finance Quiz

What is the 50-20-30 Rule in personal finance?

• 50% necessities, 20% savings and debt repayment, 30% flexible spending

• 50% savings, 20% necessities, 30% debt repayment

• 50% flexible spending, 20% savings, 30% necessities

• 50% debt repayment, 20% flexible spending, 30% necessities

What does ATM stand for?

• Automated Transaction Machine

• Automatic Teller Machine

• Automated Transfer Machine

• Automatic Transaction Monitor

What is a Certificate Of Deposit (CD)?

• A bank product that earns interest on a lump-sum deposit for a predetermined period

• A document showing all transactions in your account

• A check that has been paid or cleared by the bank

• A form to fill out when making a deposit

What is a Checkbook used for?

• Holding your check register, checks, deposit slips, and other records

• A record of all transactions in your account

• A form to fill out when making a deposit

• A card that allows purchases without cash

What is the purpose of a Digital Wallet?

• To securely store payment information and passwords on mobile devices

• To hold physical cash and coins

• To provide a summary of all bank transactions

• To calculate interest on savings

What is a Direct Deposit?

• A fee paid to keep money in an account

• An automatic electronic deposit of net pay to an employee's designated bank account

• A notification for low balance in an account

• A type of savings account with check writing privileges

What is the purpose of an Emergency Fund?

• To pay monthly maintenance fees

• To cover anticipated expenses

• To set aside money for unanticipated expenses or loss of income

• To pay for a loan or credit card

What does it mean to endorse a check?

• To deposit it using a mobile device

• To sign the back of a check made out to you so it can be cashed or deposited

• To receive a notification for low balance

• To pay a fee for keeping money in an account

What is FDIC Insurance?

• A type of savings account

• A fee charged for a loan

• Protection provided by the Federal Deposit Insurance Corporation against loss up to $250,000 per account

• A notification for low balance

What is FOMO (fear of missing out)?

• A type of savings account

• The tendency to feel anxiety that an exciting event may be happening elsewhere

• A fee paid to keep money in an account

• A notification for low balance