Banking

Saving accounts differ from checking accounts in that...

• Saving accounts have higher interest rates

• Saving accounts have more fees

• Saving accounts have unlimited transactions

• Saving accounts have overdraft protection

What feature is the LEAST important for a college student to look for in a checking account?

• Low or no monthly fees

• Convenient ATM access

• High interest rates

• Online and mobile banking

Assuming a rate of growth of 8%, in how many years will your $ double?

• 6 years

• 8 years

• 10 years

• 12 years

Which is NOT a typical goal for a savings account?

• Saving for retirement

• Saving for a down payment on a house

• Saving for a vacation

• Saving for a new car

About how much should you save in an emergency fund?

• 1 month of expenses

• 3 months of expenses

• 6 months of expenses

• 1 year of expenses

How does inflation impact the money in your savings account?

• It increases the value of your money

• It decreases the value of your money

• It has no impact on the value of your money

• It depends on the interest rate

Which of the following is NOT a common way most people are using P2P, such as Venmo?

• Splitting bills with friends

• Paying rent or utilities

• Sending money to family members

• Investing in stocks

You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

• Process the largest check first

• Process the smallest check first

• Process the checks in random order

• Process the checks in alphabetical order

How does the 50-20-30 rule distribute your income?

• 50% for needs, 20% for savings, 30% for wants

• 50% for savings, 20% for needs, 30% for wants

• 50% for wants, 20% for savings, 30% for needs

• 50% for needs, 20% for wants, 30% for savings

Which of the following is FALSE about check registers?

• They help you keep track of your account balance

• They are used to record deposits and withdrawals

• They are no longer necessary with online banking

• They can help you detect errors or fraud