WorksheetsSavings
Total questions: 19
Worksheet time: 8mins
Name
Class
Date
1.
Most Americans have an emergency fund and money saved for retirement
a)
True
b)
False
2.
The power of compound interest works BEST the longer an investment is allowed to grow
a)
True
b)
False
3.
Commercial Banks offer more financial services than Credit Unions
a)
True
b)
False
4.
A savings account should be used for daily purchases
a)
True
b)
False
5.
A speeding ticket is an item that you would use money from an emergency fund for
a)
True
b)
False
6.
If your savings account rate is lower than the inflation rate -you will make money
a)
True
b)
False
7.
If you deposit $200 into a CD @ 1% for 3 years, how much simple interest will you earn ?
a)
$1
b)
$5
c)
$6
d)
$35
8.
You have a savings account with an average balance of $500, which bank has the better deal?
a)
Bank A with 10% annual interest rate and $5/month in fees
b)
Bank B with 2% annual interest rate and no fees
c)
They are the same
d)
Neither is a good choice
9.
To successfully open a savings account, which of the following is NOT required?
a)
Evidence of a job
b)
Minimum deposit (if applicable)
c)
A legal form of identficiation
d)
If under 18, a guardian's signature
10.
Elizabeth is investing her money into an account that gives her an interest rate of 4%. How many years will it take her money to double?
a)
10
b)
12
c)
15
d)
18
11.
Experts recommend you save money in an "emergency fund." Which of these represents an expense where the emergency fund would be particularly useful?
a)
Monthly rent
b)
$150 speeding ticket
c)
Occasional fancy dinner or vacations
d)
Car insurance
12.
Choose the best Bank- you are 18 years old
a)
A is not FDIC insured, rate of 5%, & minimum deposit of $25
b)
B is FDIC insured, rate of 0.01%, & minimum deposit of $50
c)
C is FDIC insured, t rate of 0.02%, & deposit of $10,000
d)
They are equally good choices
13.
Which one of these account types requires you keep your money deposited for a fixed amount of time?
a)
Money market account (MMA)
b)
Savings account
c)
Certificate of deposit (CD)
d)
Checking account
14.
With compound interest what increases year after year
a)
Nothing
b)
The Interest rate
c)
The principal amount getting the interest rate
d)
Both the interest rate and principal amount
15.
Fill in each blank with one word:
Research has shown that the more money you ____________, the _________ you feel.
Research has shown that the more money you ____________, the _________ you feel.
a)
Spend, Better
b)
Earn, Happier
c)
Save, Sadder
d)
Save, Happier
16.
If you had a short- term goal which interest would be best typically?
a)
Simple
b)
Compound
c)
Both
d)
Neither
17.
Which of the following is an effective strategy for personal saving?
a)
Wait until the end of the month and save whatever is left
b)
Save a certain percentage of each paycheck & do DD
c)
Cover all wants and needs and save whatever is left over
d)
Take out a loan
18.
Liz is investing her money with a rate of 4%. How many years will it take her money to double?
a)
10
b)
18
c)
15
d)
24
19.
Mr. Steffens and his wife are expecting baby #2 in March
a)
True
b)
False
100 %
