Font size
WorksheetsSavings Accounts
Total questions: 15
Worksheet time: 7mins
Choose TWO things that a savings account can be used for.
Emergency visit to the doctor
ATM
Making a withdrawal often
Vacation
How many withdrawals can you make a month with a savings account?
10
69
6
1
You earn _______________ by saving money in a savings account.
money
interest
awards
trophies
Interest earned on both the principal and any interest earned on the principal.
Rate of return
Compound interest
Simple interest
Principal earnings
Interest calculated on the amount of money deposited ONLY.
Daily
Simple
Compound
Annual
What government agency insures your money in a savings account?
FBI
CIA
FDIC
The President
Gary deposits $1000 in a Deposit Savings account that earns 1.5% simple interest each year. He makes no other deposits or withdrawls. How much money is in the account at the end of the year?
1000
1015
1050
1500
Tap into your savings on a regular basis
Which of the following is an effective strategy for personal saving?
Wait until the end of the month and save whatever is left in your checking account
Save a certain percentage of each paycheck and deposit it directly into a savings account
Cover all of your wants and needs and save whatever is left over
Take out a payday loan so you can save before you receive your paycheck
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…
Retirement, a house down payment, college tuition
A new cell phone, college tuition, a house down payment
A new cell phone, dinner with friends this weekend, a new bike
Retirement, college tuition, a vacation
Three of these statements best describe a checking account. Which statement best describes a savings account?
This account offers a convenient way to pay bills and access cash from an ATM
This account pays you interest on money you have put away for later to help your money grow
This account is automatically debited when you use a debit card
This account typically allows an unlimited number of transactions per month
One reason people should save money is to create an "emergency fund." Which of these is an example of an unexpected expense you might use an emergency fund to pay for?
6 months of cable TV
A new cell phone if yours is stolen on the bus
Valentine's Day gifts for friends and family
Your back-to-school clothes and supplies
TJ is in 7th grade right now and cuts grass for neighbors to earn money. He wants to set one short-term savings goal and one long-term savings goal. Which answer best matches those goals?
Short-term = a pack of gum // long-term = 3 packs of gum
Short-term = a car // long-term = a nicer car
Short-term = expensive new sneakers // long-term = a car
Short-term = birthday present for his mom // long-term = a trip to the movies
Ro's school offers an overnight trip to Washington DC for all 9th grade US history students. Even though the trip is 20 months in the future, she knows she wants to attend and that she should start saving now. If the trip costs $500 total, how much does she need to save per month to have enough?
$20 per month
$25 per month
$50 per month
$100 per month
What is one BENEFIT of using a savings account instead of a checking account?
Your savings account will charge lower ATM fees than your checking account
Your savings account will earn interest, so the money in your account will grow without you doing anything
Your savings account lets you write checks or pay bills easily, while it's more difficult to use your checking account
Your savings account allows you to use online banking, while checking accounts require you to visit the bank branch
