WorksheetsCh. 8 Quiz (Financial Services)
Total questions: 15
Worksheet time: 14mins
A bank can help you_____ your money and keep it_____ .
Manage; safe
Find; growing
Deposit; budgeted
Budget; available
Some of the services banks offer include . . .
Paying off your student loan debt and saving for your future
Creating a personalized budget for you and managing your schedule
Teaching you how to handle your finances and encouraging you to cut up your credit cards
Mortgages, check writing, and debit cards
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
A debit card, ATM access, payroll direct deposit, and checks are basic features of_____
Money Market account
Online Bank
Checking Account
Savings Account
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
Liquidity is . . .
How quickly and easily you can access your money
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
How money flows from bank to bank
Banks invest their customers' deposited money and then . . .
Earn interest, keeping all of it as their own profit
Typically lose some of it in risky investment deals
Pay their customers 100% of the earned interest
Earn interest, paying the customer a small amount of interest on their accounts
What does it mean to be blacklisted by a bank?
They have decided to charge you extra fees and limited the services available to you.
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.
You passed the financial literacy test and they offer to pay you for banking with them.
They promise you a higher credit score in exchange for a 15% interest rate on your investments.
Overdraft protection sounds like a good idea . . .
Because it is
But you have to pay back the deposited money with interest
And it helps you build wealth
But it will ruin your credit score
A debit card linked with your checking account is a good option for regular spending.
TRUE
FALSE
