TC2: MSU Adulting--Keeping Your Money Safe Quiz

What is the primary benefit of keeping your money in a financial institution?

• Earning high interest rates

• Ensuring safety and security of funds

• Avoiding taxes

• Increasing spending opportunities

Which of the following is a federally insured financial institution?

• A local pawn shop

• A credit union insured by the NCUA

• A payday loan service

• A cryptocurrency wallet

What does FDIC insurance protect against?

• Loss of funds due to bank closure

• Identity theft

• Unauthorized transactions

• All of the above

When choosing a financial institution, which factor is most important?

• Proximity to your home

• Availability of free checking accounts

• High interest rates on loans

• All of the above

What is a common feature of checking accounts?

• High interest earnings

• Unlimited transactions

• Limited access to funds

• None of the above

Which of the following is a risk associated with peer-to-peer payment apps?

• Instant transfers

• Potential for sending money to the wrong person

• High interest rates

• All of the above

What should you do if you notice unauthorized transactions in your account?

• Ignore them

• Report them to your financial institution immediately

• Share your account details with others

• Withdraw all funds

Which of the following is a recommended practice for safeguarding personal information?

• Sharing passwords with trusted friends

• Using public Wi-Fi for financial transactions

• Regularly updating passwords and using two-factor authentication

• Writing passwords down on paper

What is the purpose of a spending plan?

• To track income and expenses

• To avoid budgeting

• To increase debt

• To ignore financial goals

Which of the following is a characteristic of a credit union?

• Nonprofit organization

• Owned by members

• Offers similar services as banks

• All of the above