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Total questions: 20
Worksheet time: 11mins
What is the act of putting money aside on your paycheck for future use called?
Paying someone first
Paying yourself first
Paying someone second
Paying yourself second
What is a savings certificate with a fixed maturity date and specified fixed interest rate?
Credit
Savings Tools
Certificate of Deposit
Money
What will happen if you withdraw a CD before maturity?
You pay a penalty
You get payed dividends
Your stocks get sold
You lose your insurance
Which institutions charge the highest interest rates on loans?
Pawn shops
Payday lenders
Schools
Finance companies
What is a non profit financial cooperative owned by its members that provides credit and other financial services?
Schools
Credit Unions
Banks
Insurance
What is an advantage of a credit union?
lower fees
higher fees
lower rates
higher rates
What is the line that credit that banks offer to their customers to cover their overdrafts.
Underdraft
Overcharging
Overdraft
Well being
Interest earned on interest
Compact Interest
Interest
Banks
Compound Interest
How money changes over time, money earned today is worth more than money in the future because you can earn interest
Compounding
Interest
Degenerating Money
Time Value of Money
What are the 2 greater liquidity savings tools?
Savings Account
CD
Checking Account
Money Market
What are 2 examples of lesser liquid savings tools?
Savings Account
Money Market
CD
Checking Account
What formula is useful for financial estimates and understanding the nature of compound interest?
Rule of 2
Compounding
Rule of 72
Doubling
What is the name of the accounting process that uses two sets of records to ensure figures are accurate and in agreement?
Negotiating
Sales Agreement
Accounting
Reconciliation
A loan that is offered by many tax preparation companies to people against their income tax return.
Collateralize Loan
Complex Loan
Regular Loan
Refund Anticipation Loan
There are 4 common types of savings tools, ordered from lowest to highest by interest rates. A. checking accounts, savings accounts, money market deposit accounts, and certificates of deposit
Checking,Savings,Money Market,CD
Checking,Savings,CD,Money Market
Savings,Checking,Money Market,CD
Savings,Money Market,Checking,CD
What are the different savings tools a bank offers?
Savings Account
Taxes
Money Market
Checking Account
What is a financial institution that accepts deposits and channels the money into lending activities?
Credit
Commercial Banks
Credit Unions
Insurance
What is the act of paying money back after attending a college/university.
Insurance
Applying for a Loan
Loan Repayment
Banks
What is the unique number you must use to access an ATM.
Bank Number
Insurance
Access Code
A PIN Number
Different types of banks
Commercial Banks
Deposits
Insurance Agencies
Credit Unions
