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Choose to Save and Savings Tools Review

Total questions: 46

Worksheet time: 38mins

Name
Class
Date
1.
Money available at the present time (today) is worth more than the same amount if received in the future
a)
Pay Yourself First
b)
Time Value of Money
2.
Portion of income not spent on consumption
a)
Consumption
b)
Savings
3.
The original amount of money saved or invested
a)
Interest
b)
Principal
4.

Putting money for yourself aside before paying bills

a)

Do It Yourself

b)

Pay Yourself First

5.
How quickly and easily assets can be accessed and converted into cash
a)
Liquidity
b)
Compound Interest
6.
Cash set aside to cover the cost of unexpected events
a)
Time Value of Money
b)
Emergency Savings
7.
When you complete a task yourself rather than paying someone else
a)
Do It Yourself
b)
Pay Yourself First
8.
Accumulation of excess funds by intentionally spending less than you earn
a)
Consumption
b)
Saving
9.

Earning interest on interest

a)

Interest

b)

Compound Interest

c)

Time Value of Money

d)

Saving

10.

How quickly and easily assets can be converted into cash

a)

Interest

b)

Saving

c)

Cash Out

d)

Liquidity

11.

Match the correct term to the definition:

The price of money..

a)

Liquidity

b)

Interest

c)

Savings

d)

Wealth

e)

Assets

12.

Match the correct term to the definition:

The percentage rate paid on money invested or saved.

a)

Principal

b)

Interest

c)

Interest Rate

d)

Goal

e)

Assets

13.

Match the correct term to the definition:

The original amount of money saved or invested.

a)

Principal

b)

Interest

c)

Interest Rate

d)

Goal

e)

Assets

14.

Match the correct term to the definition:

The end result of something a person intends to acquire, achieve, do, reach, or accomplish.

a)

Principal

b)

Interest

c)

Interest Rate

d)

Goal

e)

Assets

15.

Fill in the blank to complete the statement:

A saving strategy that states to set aside a predetermined portion of money for saving each time a person is paid before using any of the money for spending is called:__________________________________.

a)

Pay Yourself First

b)

Trade Off

c)

Opportunity Cost

d)

Compounding Interest

16.

Fill in the blank to complete the statement:

A _________________ is giving up one thing for another.

a)

Pay Yourself First

b)

Trade Off

c)

Opportunity Cost

d)

Compounding Interest

17.

Fill in the blank to complete the statement:

________________________ is the value of the next best alternative that must be forgone as a

result of a decision.

a)

Pay Yourself First

b)

Trade Off

c)

Opportunity Cost

d)

Compounding Interest

18.

Which of the following factors match the description of how the time value of money maximizes the amount of savings earned:

Begin Saving as Early as Possible

a)

Interest Rate

b)

Money

c)

Time

19.

Which of the following factors match the description of how the time value of money maximizes the amount of savings earned:

Save the maximum amount possible

a)

Interest Rate

b)

Money

c)

Time

20.

Which of the following factors match the description of how the time value of money maximizes the amount of savings earned:

Get the Highest Interest Rate

a)

Interest Rate

b)

Money

c)

Time

21.

Why do experts suggest that your emergency savings be in a very liquid savings tool?

a)

So that it is accessible if needed quickly

b)

Liquid savings tools typically have higher interest rates

22.

Why is “pay yourself first” is an essential component of personal financial management.

a)

Ensures you put your money in the BEST account.

b)

Ensures you always save

23.

Which of the following are ways people can find money to save? (Check all that apply)

a)

Cancel/Reduce TV

b)

Eat Out Less

c)

Buy in Bulk

d)

Pay someone else to do your repairs

e)

Walk, Ride Bike, or Use Public Transportation

24.

It is important to consider opportunity cost and trade‐offs when determining how to save money.

a)

True

b)

False

25.

Experts suggest that emergency savings equal to 6‐9 months of a person’s expenses be held in liquid assets for unplanned events.

a)

True

b)

False

26.

An important part of the savings process is to write a savings goal.

a)

True

b)

False

27.

It is important to have a low interest rate when saving.

a)

True

b)

False

28.
Which is the most liquid?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
29.
Which often has tiered interest rates –the amount of interest earned depends on the account balance?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
30.

Which account is used for a fixed period of time and allows restricted access to the funds?

a)

Checking Account

b)

Savings Account

c)

Money Market Deposit Account

d)

Certificate of Deposit

31.

Which account must be held for a certain length of time--anywhere from a few weeks to 10 years?

a)

Checking Account

b)

Savings Account

c)

Money Market Deposit Account

d)

Certificate of Deposit

32.

Which account do you usually have to deposit a minimum amount to open the account (typically $1,000)?

a)

Checking Account

b)

Savings Account

c)

Money Market Deposit Account

d)

Certificate of Deposit

33.
Which account earns interest but rates are often low?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
34.
Which accounts interest varies (depending on time and amount of money deposited)?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
35.

Two reasons why savings tools are ideal for storing emergency savings is because they are secure and _______.

a)

Easy

b)

Expensive

c)

Liquid

d)

Risky

36.

It is important to understand features of savings tools to determine the savings tool ______________.

a)

Most appropriate for avoiding a financial goal

b)

Most appropriate for reaching a financial goal

37.
The amount of interest earned depends on the account balance
a)
Tiered Interest Rate
b)
Certificate of Deposit
38.
Hannah needs a savings tool to help her manage her everyday purchases. The savings tool needs to be very liquid and accessible. Which of the following savings tools should Hannah choose?
a)
Certificate of deposit
b)
Checking account
c)
Money market deposit account
d)
Any of the above savings tools would help Hannah
39.
Which account is effective for storing emergency money?
a)
Checking Account
b)
Savings Account
c)
Money Market Deposit Account
d)
Certificate of Deposit
40.
Kylee’s Personal Finance class has been discussing the importance of understanding liquidity and she is trying to explain the term to another student. Which statement is the most correct description of liquidity?
a)
How quickly and easily an asset can be converted into cash
b)
The amount of savings available
c)
A measurement of how much a person or household owns once all debts have been paid
41.
Dylan is preparing a presentation about saving and the presentation rubric says that he must include an explanation of compounding interest. Which of the following statements would be the best one for him to include to show that he understands compounding interest?
a)
Interest earned on the principal investment
b)
Any form of interest earned from saving or investing
c)
Earning interest on interest
42.
When a goal has been set to save $100.00 a month for an emergency fund of $2000.00, giving up food from the vending machine to achieve that goal is the:
a)
interest
b)
specific part of the SMART goal
c)
trade‐off
43.
It is important to consider opportunity cost and trade‐offs when determining how to save money.
a)
True
b)
False
44.
An important part of the savings process is to write a savings goal.
a)
True
b)
False
45.

In order to encourage people to deposit money in their institution, a bank or credit union could increase

a)

annual fees.

b)

free parking.

c)

interest paid.

d)

ATM fees.

46.

Compound interest is beneficial to _____________ but harmful to ____________.

a)

savers; borrowers

b)

borrowers; savers

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