WorksheetsDave Ramsey Ch. 8 Test
Total questions: 30
Worksheet time: 15mins
A bank can help you __________ your money and keep it __________.
Find; growing
Deposit; budgeting
Budget; available
Some of the services banks offer include . . .
Paying off your student loan debt and saving for your time
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 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 reciepts
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
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 having a savings or checking account
Not filing their taxes
If you prefer great customer service and lower fees . . .
A small, local bank is often a great option
You should use the check cashing service at a large retailer
A large, national bank is for you
You should jump from bank to bank until you find the perfect match
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 accounts
adjusting your budget
debit card fraud
direct deposit
It's your responsibility to know about all of the ______ before choosing a bank.
Employees who work there
Branch locations
Options for loans
Fees and services involved
You should avoid any bank service that leads to...
Multiple checking accounts
Savings
Debt
Gaining interest
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
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, 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
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 parent's
the banks
What does it mean to be blacklisted by a bank?
the 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
Make sure your bank has plenty of ______ and ______.
branches; low interest rates
insurance; monthly maintenance fees
ATM locations; a mobile banking app
security breaches; foreign transaction fees
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
