Chapter 8 Test

A bank can help you (a)   your money and keep it (b)   .

• Manage; safe

• Find; growing

• Deposit; budgeted

• Budget; available

Ashlyn and Tristin are exploring different services offered by banks. Some of the services they discover include . . .

• Paying off your student loan debt and saving for your future

• Creating a personalized budget for you and managing your schedule

• Teaching you how to handle your finances and encouraging you to cut up your credit cards

• Mortgages, check writing, and debit cards

A savings account is for (a)   .

• Investing your money

• Regular spending

• Long-term savings goals

• The Entertainment budget line item

Cassie wants to avoid ending up with errors in her checking account. An easy way for her to do this is to simply . . .

• Only use cash

• Monitor her account at least twice a week

• Keep all her receipts

• Budget often

Katelyn and Josie were discussing how the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep their money in the bank insured up to (a)   per account.

• 250,000

• 500,000

• 1,000,000

• 100,000

Cassie and Josie are considering where to open a savings account. They learn that credit unions differ from retail banks in that they typically require membership based on specific criteria.

• True

• False

Josie is considering where to keep her emergency fund. Should she put it in her checking account, NOT a money market account?

• True

• False

Landon checked his bank account and saw a charge marked as "pending." This means . . .

• He needs to make a deposit before it is paid

• The payment was declined

• It hasn't been fully processed yet

• It is suspected of being a fraudulent charge

Katelyn and Cassie were discussing why some people choose not to have a savings or checking account. Distrust, unemployment, and bank fees are a few excuses people give for . . .

• Not making and sticking to a budget

• Not looking for work when their checking account is getting low

• Not having a savings or checking account

• Not filing their taxes

Josie and Landon are looking for a bank. If they prefer great customer service and lower fees . . .

• A small, local bank is often a great option

• You should use the check cashing service at a large retailer

• A large, national bank is for you

• You should jump from bank to bank until you find the perfect match