WorksheetsPF Ch. 7&8 Test
Total questions: 25
Worksheet time: 13mins
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
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
You should avoid any bank service that leads to . . .
Multiple checking accounts
Savings
Debt
Gaining interest
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
As the owner of your account, managing your money is _______ responsibility.
Not your
Your
Your parent's
The banks
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
How do banks make money?
By charging fees for services and lending money at higher interest rates than they pay on deposits.
By giving away free money to customers and then charging high interest rates on loans.
By storing money without charging any fees.
By offering free loans to customers and making risky investments to make money.
What are the main differences between checking and savings accounts?
Checking accounts are for daily transactions, while savings accounts are for long-term saving.
Checking accounts earn higher interest than savings accounts.
Savings accounts are used for paying bills, while checking accounts are for saving money.
Checking accounts are only for businesses, while savings accounts are for individuals.
Why might you be at a disadvantage if you choose not to keep your money in a bank?
You might lose access to financial security and interest earnings.
You will automatically save more money.
You will have better protection against theft.
You will have access to more financial tools.
Why are tracking your expenses and balancing your checking account important?
It helps you avoid overspending and manage your finances effectively.
It guarantees you will never run out of money.
It eliminates the need for budgeting.
It ensures you will always earn interest on your savings.
Many high schoolers get so caught up in the idea of the college experience that they don't think critically about . . .
Their high school GPA
How their college choice will affect their financial future
Their dream job
What requirements they need to get into college
Part of making a plan to ______ involves searching for scholarships, saving, and talking with your family about what kind of financial help you'll get.
Pay cash for college
Live in a dorm
Take out a student loan
Get good grades
A two-year degree with specialized training, a flexible schedule, and lower educational costs is called a(n) ____________.
Community college degree
Associate degree
Bachelor's degree
Graduate degree
FAFSA is the federal application required to . . .
Receive financial aid
Get a part-time job your first semester
Do a work-study program
Get into college
You can save thousands of dollars by spending the first ______ at a(n) _________.
Two years; name-brand school
Part of your tuition; traditional four-year school
Two years; local community college
Year; out-of-state school
Scholarships are a great way to fund your education because you don't have to . . .
Pay them back
Be a student
Apply for them
Write an essay
To decide if you’re passionate about something, consider . . .
Going to school for it
Enlisting in the military
Volunteering in that field first
Getting certified in it
Ask yourself, "Do I need this ______ for my ______?" before you start applying to schools.
Loan; future
Grant; job
Degree; career
Career; college
Getting good grades and scoring well on college entrance exams give you a better chance of ____________.
Going to an out-of-state college
Getting a scholarship
Getting an interview
Graduating early
To stay extra focused on your debt-free degree goal, you will need to avoid . . .
The FAFSA
A college degree
All types of financial aid
Student loans
