wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Savings

Total questions: 37

Worksheet time: 21mins

Name
Class
Date
1.
An account that generates interest income on the available balance in the account
a)
Interest Bearing Account
b)
Compound Interest
c)
Simple Interest
d)
Inflation
2.
A savings account that is set aside to be used only for emergency expenses
a)
Safety Fund
b)
Emergency Fund
c)
Savings Fund
d)
Expense Fund
3.
Interest paid on interest previously earned
a)
Simple Interest
b)
Frequent Interest
c)
Interest Account
d)
Compound Interest
4.

Saving money over time for a large purchase

a)

Savings Account

b)

Sinking Fund

c)

Checking Account

d)

Interest Bearing Account

5.
The persistent increase in the cost of goods and services or the persistent decline in the purchasing power of money
a)
Deflation
b)
Interest
c)
Inflation
d)
Recession
6.
When it comes to saving money, the amount you save is determined by how much you have left at the end of the month once all of your spending is done.
a)
True
b)
False
7.
Your income level greatly affects you saving habits
a)
False
b)
True
8.
At your age, a fully funded emergency fund should be...
a)
$1000
b)
$5000
c)
$500
d)
$100
9.
Which of the following is not one of the three basic reasons for saving money
a)
Large Purchases
b)
Have money available to lend to friends
c)
Emergency Fund
d)
Build Wealth
10.

Which of the following is a reason that people donʹt save money?

a)

they lack discipline

b)

they do not live on a budget

c)

they lack focus

d)

all of the above

11.

The first thing you should save for is your retirement fund.

a)

true

b)

false

12.

What does it mean to have a negative savings rate?

a)

Saving for something that is a want instead of a need

b)

Having a fully funded emergency fund

c)

Having no savings at all

d)

Spending more money than you make

13.

Which of these is not a key to saving money?

a)

Focus

b)

Making saving a habit and a priority

c)

Your income

d)

Discipline

14.

Americans typically maintain a very high savings rate.

a)

True

b)

False

15.

You should save money for three basic reasons: emergency fund, purchases and wealth building.

a)

True

b)

False

16.

Why should interest earned not be a factor with your emergency fund?

a)

Inflation can eat up the interest earned

b)

Interest-bearing accounts at banks earn a high rate of interest, therefore, interest is not a concern

c)

The emergency fund is not intended to grow wealth

d)

None of the above

17.

You should keep your emergency fund in the same account as your spending money.

a)

True

b)

False

18.

When you’re in high school, you won’t have the same emergency expenses as your parents.

a)

True

b)

False

19.

When you’re older and out of school, you’ll need to grow your emergency fund into a full six monthsʹ worth of expenses.

a)

True

b)

False

20.

Using the sinking fund approach, how much do you have to save each month to buy a $4,800 car one year from now?

a)

$400

b)

$300

c)

$275

d)

$500

21.
What percentage of people are living 'paycheck to paycheck' (before they get their next paycheck, they are struggling and almost out of money)?
a)
10%
b)
30%
c)
50%
d)
70%
22.
When is the best time to start saving?
a)
Early 20s
b)
First Job
c)
Now
23.

Your first savings priority should be...

a)

College

b)

Emergency Fund

c)

Clothes

d)

Car

24.

Instead of borrowing to purchase something, pay cash by using a (n) ___________

a)

Piggy bank

b)

Individual Retirement Account (IRA)

c)

Money Market Account (MMA)

d)

Sinking Fund

25.
What is an example that you can use the $500 Emergency Fund for?
a)
Groceries
b)
Car broke down
c)
Your friend needs $50
d)
Black Ops III
26.

This principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This is due to both the opportunity to earn interest on the money and because inflation will drive prices up, thereby changing the ʺvalueʺ of the money.

a)

Opportunity cost

b)

Time value of money

c)

Interest rate

d)

Inflation

27.

When it comes to personal finance, the math is easy. What is challenging is managing your___________.

a)

Bank account

b)

Behavior

c)

Friends

d)

Income

28.

Most Americans avoid the use of credit when it comes to buying big-ticket items like a car, or furniture for their homes

a)

True

b)

False

29.
An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.
a)
Savings Account
b)
Certificate of Deposit (CD)
c)
Checking Account
d)
Money Market Account
30.
Interest paid periodically and paid on the principal plus interest earned.
a)
Simple Interest
b)
Compound Interest
c)
Hard Interest
d)
Double Interest
31.
A type of bank account where the bank invests the money in government and corporate securities in order to pay a higher interest rate than a regular savings account. You typically have to have a large minimum balance in order to have such an account.
a)
Savings Account
b)
Money market account
c)
Checking Account
d)
CD
32.
The phrase "pay yourself first" means to
a)
Treat yourself to something you want before spending any other money.
b)
Set money aside for your Christmas savings fund.
c)
put at least 10% of your income in a savings account before spending any money.
d)
Make sure all of your bills and other expenses are paid before saving money.
33.
Which of the following is the most liquid asset?
a)
Stocks
b)
Savings Bonds
c)
Checking Account
d)
Certificate of Deposit (CD)
34.
Most Americans have an emergency fund and money saved for retirement
a)
True
b)
False
35.

To earn as much interest as possible, you should open a savings account that earns ___ interest and has the ____ interest rate

a)

compound;lowest

b)

compound;highest

c)

simple;lowest

d)

simple;highest

36.

Which type of account typically has very high liquidity, low or no interest, and low minimum balance

a)

Checking Account

b)

Money Market Account

c)

Certificate of deposit

d)

Investment Retirement Account

37.

Which of the following accounts will give you the LEAST access to your money

a)

Simple savings account

b)

Certificate of deposit

c)

Checking account

d)

Cash

Similar Resources on Wayground

Chapter 8 Test - Dave Ramsey

40 questions

Chapter 8 Test - Dave Ramsey

quiz

Worksheet

•

10th - 12th Grade

Responsible Use of Credit & Bankruptcy (FL9&10)

35 questions

Responsible Use of Credit & Bankruptcy (FL9&10)

quiz

Worksheet

•

9th - 12th Grade

College Terminology

40 questions

College Terminology

quiz

Worksheet

•

9th - 12th Grade

E-Commerce in Business

35 questions

E-Commerce in Business

quiz

Worksheet

•

11th - 12th Grade

Filing Taxes Unit

35 questions

Filing Taxes Unit

quiz

Worksheet

•

9th - 12th Grade

FL 1s Perf Final Exam REVIEW

38 questions

FL 1s Perf Final Exam REVIEW

quiz

Worksheet

•

9th - 12th Grade

Med. Term. - Abbreviations

40 questions

Med. Term. - Abbreviations

quiz

Worksheet

•

9th Grade - University

Career Planning

34 questions

Career Planning

quiz

Worksheet

•

7th - 12th Grade