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WorksheetsW!SE Banking (URHS) #1
Total questions: 10
Worksheet time: 5mins
Choose the best answer:
Why deposit money at a bank or credit union instead of hiding it at home?
It is insured
It is more convenient
What is the purpose of a savings account?
To grow your $ for
long-term wealth
To keep $ safe for a down payment or an emergency fund
To borrow $ to
purchase items
What is the rule for keeping an Emergency Fund?
You should have
2 months of your total salary in an emergency fund
You should have
3-6 months of your living expenses in an emergency fund
You can use credit as an emergency fund
Savings accounts are for transactional banking
True
False
Lending institutions with lowest interest rates include...
Banks and Credit Unions
Finance Companies
Pawn Shops
Payday Loan Companies
The central banking system in the United States.
Federal Reserve
The Mint
The U.S. Treasury
First National Bank of the U.S.
What is an ATM used for?
Withdraw money
Order checks
Balance your checkbook
Write checks
If you are going to use an ATM,
you better know your...
Home address
Answers to security question
Your Personal Identification Number (PIN)
What is a CD in personal finance?
A type of checking account
A savings account where you lock in your $ for a term to earn a higher interest rate
A savings account that allows you to withdraw your $ at any time
Which is NOT an online banking service?
Withdraw cash
Deposit checks
Transfer funds
Order checks
