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WorksheetsVA_FF_BANKING EXIT TICKET
Total questions: 25
Worksheet time: 23mins
Which of the following is a type of bank account primarily used for everyday transactions?
Certificate of Deposit (C.D.)
Checking account
Money market account
Retirement account
What does the "50" represent in the 50-30-20 budgeting rule?
50% for savings
50% for wants
50% for needs
50% for investments
Which account typically earns the highest interest rate?
Checking account
Savings account
Money market account
Certificate of Deposit (C.D.)
What is a common bank fee charged for spending more money than is available in your account?
Overdraft fee
Maintenance fee
ATM fee
Transfer fee
Which of the following is a benefit of a money market account?
Unlimited check writing
Higher interest rates than regular savings accounts
No minimum balance requirement
Fixed interest rate for a set term
Which of the following best describes a "smart financial goal"?
A goal that is vague and open-ended
A goal that is specific, measurable, achievable, relevant, and time-bound
A goal that is only about saving money
A goal that is impossible to reach
Which account is best suited for frequent deposits and withdrawals?
Certificate of Deposit (C.D.)
Checking account
Money market account
Retirement account
Which of the following is NOT typically a feature of a savings account?
Earning interest
Unlimited check writing
Limited withdrawals per month
Safe place to store money
If you want to avoid monthly maintenance fees on your bank account, which strategy is most effective?
Ignore the fee
Maintain the required minimum balance
Withdraw all your money
Use only cash
How does a Certificate of Deposit (C.D.) differ from a regular savings account?
C.D.s allow unlimited withdrawals
C.D.s require you to keep your money deposited for a fixed period
Savings accounts have higher interest rates than C.D.s
Savings accounts have penalties for early withdrawal
Which of the following is an example of applying the 50-30-20 rule to a monthly income of $2,000?
$1000 for needs, $600 for wants, $400 for savings
$1000 for wants, $600 for savings, $400 for needs
$500 for needs, $300 for wants, $200 for savings
$1000 for needs, $600 for savings $400 for wants
If you want to maximize your interest earnings but still need occasional access to your funds, which account is most suitable?
Checking account
Certificate of Deposit (C.D.)
Money market account
Retirement account
A student wants to save for a new laptop in six months. Which of the following best describes this goal?
Not specific or time-bound
A smart financial goal
A long-term investment
An unrealistic goal
Which of the following is a saving strategy that can help you reach your financial goals?
Spend all your income each month
Set up automatic transfers to your savings account
Only use cash for purchases
Ignore your budget
A bank offers a savings account with a 1% annual interest rate and a C.D. with a 2% annual interest rate for a 1-year term. If you deposit $1,000 in each, how much more interest will you earn from the C.D. after one year (ignoring compounding)?
$5
$10
$15
$20
A student is charged a $35 overdraft fee after making a purchase that exceeds their checking account balance. What could the student do in the future to avoid this fee?
Write more checks
Monitor their account balance regularly
Close their account
Only use credit cards
A student wants to set a smart financial goal for college expenses. What steps should they take to ensure the goal is effective and achievable?
Make the goal vague and open-ended
Specify the amount needed, set a deadline, and plan how to save the money
Only think about the goal occasionally
Wait until the last minute to start saving
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
Process the largest check first
Process the smallest check first
Process the checks in random order
Process the checks in alphabetical order
In the 50-30-20 budgeting method, saving for emergency expenses would fall under which category?
50
30
20
None: it's part of pay yourself first
What is a specific financial goal you would like to achieve in the next year?
What is an emergency fund?
Money set aside for vacation
Money saved for unexpected expenses
Money spent on daily needs
Money used for shopping
What is the purpose of a bank statement?
To list the company's annual profits
To report monthly employee performance
To outline all account transactions in a given month
To provide a yearly summary of bank charges
What is online banking?
A service that allows customers to manage their bank accounts and perform transactions via the internet.
A method of banking that requires physical visits to the bank branch.
A type of banking that only allows cash transactions.
A service that provides loans without any interest.
Why is it important to review your bank statement regularly?
To track your spending, identify errors, and detect fraudulent activity.
To increase your credit score.
To avoid paying bank fees.
To ensure you have enough cash for daily expenses.
What is a deposit?
A withdrawal from a bank account.
A loan taken from a bank.
Money added to a bank account.
A fee charged by the bank.
