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WorksheetsRamsey Chapter 8
Total questions: 30
Worksheet time: 10mins
A bank can help you your money and keep it .
Manage; safe
Deposit; budgeted
Budget; available
Find; growing
Some of the services banks offer include . . .
Teaching you how to handle your finances and encouraging you to cut up your credit cards
Mortgages, check writing, and debit cards
Creating a personalized budget for you and managing your schedule
Paying off your student loan debt and saving for your future
A savings account is for
Investing your money
Regular spending
Long-term savings goals
The Entertainment budget line item
An easy way to avoid ending up with errors in your checking account is to simply . . .
Only use cash
Monitor your account at least twice a week
Keep all your receipts
Budget often
The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to per account.
$250
$2,500
$25,000
$250,000
Credit Unions differ from retail banks in that they typically require membership based on specific criteria.
True
False
Your emergency fund should go in your checking account, NOT a money market account.
True
False
If you see "pending" on an account charge, that means . . .
You need to make a deposit before it is paid
The payment was declined
It hasn't been fully processed yet
It is suspected of being a fraudulent charge
Distrust, unemployment, and bank fees are a few excuses people give for . . .
Not making and sticking to a budget
Not looking for work when their checking account is getting low
Not filing their taxes
Not having a savings or checking account
If you prefer great customer service and lower fees . . .
You should jump from bank to bank until you find the perfect match
A small, local bank is often a great option
A large, national bank is for you
You should use the check cashing service at a large retailer
A debit card, ATM access, payroll direct deposit, and checks are basic features of
A money market account
Online banking
A savings account
A checking account
If you see a charge you don't recognize, you should report it to your bank immediately.
True
False
People who are struggling with money often turn to alternative financial services like payday loans, but these services actually end up causing them to lose money.
True
False
With online banks, all of your deposits, transfers, and bill payments happen digitally, but . . .
Online banks should never be trusted
These banks do not offer interest on savings accounts
It's often more difficult to get in touch with a real person when you need assistance
They do not provide a debit card
With certificates of deposit (CDs), you have to pay a penalty for
Withdrawing your money early
Depositing money into the account
Creating a savings account
Using an ATM
Verifying your bank's online account statements for accuracy is called
Reconciling your account
Debit card fraud
Direct deposit
Adjusting your account
It's your responsibility to know about all of the before choosing a bank
Options for loans
Branch locations
Fees and services involved
Employees who work there
You should avoid any bank service that leads to . . .
Savings
Multiple checking accounts
Gaining interest
Debt
Liquidity is . . .
How quickly and easily you can access your money
How money flows from bank to bank
A great way to find a financial service that's right for you
When you deposit silver or gold and they liquify it for you
Balancing your checking account is a lot like working on your budget because . . .
They both involve money
They both get easier and build money confidence the more you do them
They're not alike at all
They both lose you money in the long run
Something that all of the predatory financial services have in common is . . .
They all require you to take out a loan
They all require you to be a college graduate
You end up losing money with all of them
People can earn money with all of them
Banks invest their customers' deposited money and then . . .
Earn interest, paying the customer a small amount of interest on their account
Pay their customers 100% of the earned interest
Typically lose some of it in risky investment deals
Earn interest, keeping all of it as their own profit
When deciding on the right bank for you, you should first identify what type of bank you want, the features that matter most to you, and
What kind of accounts you want
What type of home you want to own someday
How large your savings account is
If you want to go to an Ivy League or community college
As the owner of your account, managing your money is _____responsibility.
not your
your
your bank's
your parents'
What does it mean to be blacklisted by a bank?
hey promise you a higher credit score in exchange for a 15% interest rate on your investments.T
You passed the financial literacy test and they offer to pay you for banking with them.
The bank doesn't allow you to open an account because you handled money poorly in the past and couldn't pass their financial background check.
They have decided to charge you extra fees and limited the services available to you.
Overdraft protection sounds like a good idea . . .
because it is.
but you have to pay back the deposited money with interest
but it will ruin your credit score
and it helps you build wealth
Make sure your bank has plenty of_____ and_____ .
Security breaches; foreign transaction fees
ATM locations; a mobile banking app
Insurance; monthly maintenance fees
Branches; low interest rates
Overdrafting your account is a sign of diligence and responsibility.
True
False
A debit card linked with your checking account is a good option for regular spending.
True
False
You need to track everything that involves money, including . . .
Your clothing budget for the month
Debit card purchases, third-party app transactions, and ATM withdrawals
All of the sales that are currently happening
The latest retail store credit card offers
