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WorksheetsSavings Quiz
Total questions: 50
Worksheet time: 50mins
Savings is important to the economy because why?
It means people are earning a lot of money
It generates loan money for people and businesses
Banks should have a lot of money in their vault
It means people are not spending
A bank account that allows you to deposit/withdraw money at any time and earns interest is a
money market fund
money market deposit account
regular savings account
certificate of deposit
Interest earned on both the principal and any interest earned on the principal.
Rate of return
Compound interest
Simple interest
Principal earnings
You earn _______________ by saving money in a savings account.
money
interest
awards
trophies
Interest calculated on the amount of money deposited ONLY.
Daily
Simple
Compound
Annual
Borrow
to take or receive something with the promise of returning it
Lend
to let your property (money, toys) for temporary use understanding that it will be given back
Credit
borrowed money from the bank with a promise to repay the money with interest
Interest
extra money paid back when money is borrowed
Expenses
the cost required for something; the money spent on something
Karla wants to collect money to go to college. Which of the following is the best way for Karla to collect money for college?
Open a savings account and place money there every pay period
Spend all the money she earns from working on clothes and entertainment
Give away the money she earns from working to her friends
Spend all the money she earns on electronics
This type of account is used to save money.
Checking
Savings
What does deposit mean?
You are putting money INTO your account. YOU are ADDING it to your balance.
You are taking money OUT of your account. You are SUBTRACTING it from your balance.
What does withdrawal mean?
You are putting money INTO your account. YOU are ADDING it to your balance.
You are taking money OUT of your account. You are SUBTRACTING it from your balance.
What type of account do you pay your bills from?
Checking
Savings
This type of account is used to save money.
Checking
Savings
You are issued an ATM card with this type of account.
Checking
Savings
People save for emergencies with this type of account.
Checking
Savings
When you use your ATM card to pay bills, your money is withdrawn from this account.
Checking
Savings
What does deposit mean?
You are putting money INTO your account. YOU are ADDING it to your balance.
You are taking money OUT of your account. You are SUBTRACTING it from your balance.
What does withdrawal mean?
You are putting money INTO your account. YOU are ADDING it to your balance.
You are taking money OUT of your account. You are SUBTRACTING it from your balance.
Your paycheck is directly deposited into your checking account monthly. Is this a deposit or withdrawal?
Deposit
Withdrawal
You purchase concert tickets online. Is this a deposit or withdrawal?
Deposit
Withdrawal
You use your ATM card to purchase groceries at Ralphs.
Deposit
Withdrawal
Your friend paid you the $100.00 back that she owed you. Are you going to deposit or withdraw the money?
Deposit
Withdrawal
You wrote a check to pay your rent.
Deposit
Withdrawal
You paid your credit card bill online. Is this a deposit or withdrawal?
Deposit
Withdrawal
You purchased clothes online from Amazon.com. The money was ___________ from your checking account.
subtracted
added
You won $100.00 in the California lottery. The money will be ____________ in your checking account.
deposited
withdrawn
You use a (a) account to pay your bills.
A (a) account is used to save for emergencies.
When you make a deposit, you use addition. Draw the symbol for addition.
When you go to the bank to deposit your paycheck, you will say,
"I would like to make a deposit into my checking account."
"I would like to make a withdrawal from my checking account."
What's an example of an emergency where you would need to withdraw (Take-Out) money from your savings account?
You have broke your arm.
You need to buy lunch for Mrs. Joy.
Your car needs a new engine.
Answer 1 and 3 are correct.
You purchase concert tickets online. Is this a deposit or withdrawal?
Deposit
Withdrawal
You use your ATM card to purchase groceries at Ralphs.
Deposit
Withdrawal
Your friend paid you the $100.00 back that she owed you. Are you going to deposit or withdraw the money?
Deposit
Withdrawal
You wrote a check to pay your rent.
Deposit
Withdrawal
You paid your credit card bill online. Is this a deposit or withdrawal?
Deposit
Withdrawal
You won $100.00 in the California lottery. The money will be ____________ in your checking account.
deposited
withdrawn
What is a savings account?
A basic type of money product that allows you to save money and earn profits.
A complex type of money product that allows you to save money.
A simple type of money product that allows you to spend money.
A easy type of money product that allows you to spend money.
What is the 1st step to making a savings account?
Research Intrest rates.
Calculate how much to save.
Compare Options
Set a budget.
What is one advantage of having a savings account?
Access emergency funds.
Money in the savings account gains value over time
Opportunity to use an ATM.
Ability to make secure investments?
What is the minimum amount to open a savings account?
Between $25-$100
$1
Between $40-$500
Over $1000
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
Interest earned on both the principal and any interest earned on the principal.
Rate of return
Compound interest
Simple interest
Principal earnings
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
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
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
