WorksheetsPersonal Finance|Banking & Savings Quiz
Total questions: 18
Worksheet time: 9mins
In a loan like student loans or a car, there is less interest paid early in the life of the loan and more paid later in the loan payment schedule.
True
False
Credit Unions do not pay stock holders with their profits, but rather the profits are returned to members in the form of lower fees, lower loan rates and higher interest on deposits.
True
False
One of the differences between a money market account and a certificate of deposit (CD), is that you can write a limited number of checks each month out of the money market account.
True
False
If you put your money in a Certificate of Deposit (CD) and withdraw the money before it's mature, you will pay a penalty fee and not receive any of the promised interest earned.
True
False
A Certificate of Deposit (CD) can act like both a savings account and checking account.
True
False
If you have a monthly car payment and pay a little extra each month than is required, the extra money you sent goes towards paying down the interest that is built into the loan.
True
False
A Money Market account will require you to have a minimum deposit amount when established and a minimum balance kept in the account at all times.
True
False
A credit Union is a financial institution that is owned by account holders and is available to a unique group of people like and employer/church/community.
True
False
On January 1st 2019 you put $2000 in a 3-year CD paying 3% annually. On December 20th, 2021 you cashed out (withdrew your money) from the bank. What will happen?
The bank will give you all your principle back but will not pay you the interest owed.
The bank will give you all the principle back along with the interest they owe you.
The bank will give you the principle back minus a penalty fee and will not pay you any promised interest.
The bank will keep all your principal but will pay you the interest owed.
In a large bank like Wells Fargo or Bank of America, which federal agency insures the account holders?
NCUA
FDIC
With a loan, what do the letters PxRxT stand for?
Principle, Rate and Total
Percentage, Return and Time
Principle, Return and Time
Principle, Rate and Time
When saving $5000 in a 5-year, 3.5% Certificate of Deposit (CD) - the term is.......
the $5000
the 5 years
the 3.5% interest
none are the term
The account that will earn you the most interest on your balance is ....
Savings account
Checking Account
Money Market
Certificate of Deposit
The account that has the most restrictions to access your money is.....
Money Market account
Certificate of Deposit (CD)
Savings account
Checking account
In a Credit Union, which federal agency insures the account holders?
FDIC
NCUA
Because banks and credit unions pay very little interest on saving accounts they are not covered by the FDIC or NCUA insurance, but both Money Markets and Certificate of Deposits are.
True
False
When you take out a loan like a mortgage (for a home), student loan or car, if you pay more each month than is required the money you send in goes directly to the principle of the loan and you will save interest in the long run and shorten the life of the loan.
True
False
In both large national banks and credit unions, the account holders are insured up to $350,000 by the federal government.
True
False
