WorksheetsBank Account Requirements Quiz
Total questions: 25
Worksheet time: 38mins
Which of the following is not absolutely necessary for opening a bank account?
Piece of mail
An ID
Money
Social security
Which of the following is not a bank you will most likely use?
commercial
private
Merchant bank
Credit union
Which of the following saving accounts might I get if I need to save for a house?
traditional
Money market
High yield savings
Certificate of deposit
Which of the following is not a helpful money management tool?
Budget expense sheet
Credit karma
Financial management application
A piggy bank/mattress
How old can you be to open a savings or checking account?
13 with a guardian
20
5 with a guardian
18 with a guardian
An account that allows customers to deposit money and write checks or use debit cards from the account
Checking Account
Savings Account
Mortgage
Certificate of Deposit (CD)
Mitchell just got his first job and moved out of his parents home. He has never had a bank account before and doesn't know what kind of account to open. What would you recommend to Mitchell?
Open a checking account and a savings account. A checking account will be helpful to pay bills and rent, while the savings account will earn some interest.
Open just a savings account. He wants to earn as much interest as possible and really only needs to access the money 6 times a month for essential bills.
Open just a checking account. Because Mitchell doesn't have much money now, he doesn't really need a savings account.
Mitchell doesn't need a bank account. He can just cash his checks at 7-11 and pay for everything in cash
What is a good strategy to help you save?
1st, spend money on all expenses; put the rest into saving
Tap into your savings on a regular basis to purchase small items, like snacks
Pay yourself first - set aside money for savings each month
Keep your spending and saving money together in 1 account
How often should you review your budget?
Once a year
Every five years
Monthly
Never
What is the primary purpose of creating a budget?
To track your spending habits
To ensure you spend all your money
To plan for future expenses and savings
To avoid paying taxes
What is the 50/30/20 rule in budgeting?
50% needs, 30% wants, 20% savings
50% savings, 30% needs, 20% wants
50% wants, 30% savings, 20% needs
50% needs, 30% savings, 20% wants
Match the following
Income
The money a person gets from a job or for performing a service
Savings
Money that is set aside for later use
Expenses
Items that use up one's income
Budget
A plan for tracking a person's income and expenses.
When you buy something using this method you have to pay it back. Sometimes it requires interest. What is this?
Borrowing
Income
Investing
Credit
How do you avoid paying interest on your credit card (or any other loan for that matter)?
Always make the minimum payment over time
Pay interest 1st, then pay what you can on leftover balance
Always make the full payment on time
Pay the principal 1st, then pay what you can on interest
How do banks make money off of the credit they issue?
They charge a large, one-time fee at the start of the loan
They take out a small fee each month from your checking account
They charge a high interest rate on the loan
This is a trick question - they DON'T make money!
Where do banks get the money to lend out to consumers?
From their clients' credit card accounts
From their clients' savings accounts
From the Federal government
From their own money vaults
Jim is 23 and has 1 credit card. What would be the best way to improve his credit score?
Get 4 more credit cards in the next 3 months
Diversify his credit - get an loan for the car he needs
Make sure he makes his payments in full & on time
Increase his credit utilization rate
What information can you find on a credit report?
Your medical insurance information
Your parents' and siblings' contact information
Your education level
Inquiries you've made on new lines of credit
Where can you get a free copy of your credit report?
annualcreditreport.com
freecreditreport.com
getmycreditreport.com
creditreport.gov
How are a credit score and credit report related?
A credit report is determined by the factors in your score
A credit score is determined by the factors in your report
Credit reports are less important than your credit score
They're not related at all
Which of the following does NOT contribute to your credit score?
Your payment history
Which banks issued your credit cards
Your debt-to-credit ratio
Length of credit history
