WorksheetsSavings Unit Exam REVIEW
Total questions: 20
Worksheet time: 10mins
Why do people want to save money? Select the correct reasons.
Home, emergencies, travel, college
Snack, travel, emergencies, home
To retire, snack, home, college
Emergencies, snack, travel, to retire
What might people choose to do when they get old?
Work at a factory
Have kids
Retire
All of the above
How does having savings make a person feel?
Nervous
Secure
Angry
Confused
What is the term used when the economy is shrinking and more people do not have jobs?
Recession
Celebration
Christmas
Inflation
Which of the following are types of transactions? Select all that apply.
Deposit, withdraw, check, electronic transfer
Change, coin purse, deposit, withdraw
Withdraw, electronic transfer, coin purse, check
Deposit, change, electronic transfer, coin purse
When you put money into a bank account, it can:
Get lost
Grow
Got stolen
Disappear
What type of saving has the most risk, but can grow a lot?
Bond
Checking account
Stocks
Savings account
How much interest do you typically earn with a checking account?
High
Zero
Variable
Moderate
What does it mean when your money is liquid?
Available
It is wet
Not available
Frozen
True or False: A savings account, checking account, and money market account are all accounts where your money is liquid.
True
False
Which account is best for everyday spending and easy access to your money?
Checking account
Bond
Retirement account
Certificate of deposit
What is one benefit of saving money in a savings account?
It earns interest
It loses value quickly
It is used for shopping only
It cannot be accessed
Which of the following is a reason people might withdraw money from their savings?
To keep it in a coin purse
To lose money
To avoid interest
To pay for an emergency
Which account usually offers the highest interest rates?
Savings account
Money market account
Checking account
Certificate of deposit
What is one reason to open a savings account instead of keeping cash at home?
It cannot be used for emergencies
It is safer and can earn interest
It loses value faster
It is harder to access
Which of the following is NOT a common reason to save money?
College tuition
Emergencies
Vacations
Buying snacks daily
Which of the following is a feature of a money market account?
Higher interest rates than checking accounts
No interest earned
Used only for shopping
Cannot withdraw money
What is the main purpose of an emergency fund?
To pay for daily coffee
To go on vacation
To cover unexpected expenses
To buy snacks
True or False: Keeping all your money in cash at home is safer than in a bank account.
True
False
Which individual would be BEST prepared for an unexpected expense?
Kim is most prepared because she has the highest income.
Scott is most prepared because he has the lowest monthly expenses.
Nikki is most prepared because she is saving more money each month.
Kim is most prepared because she has the highest monthly expenses.
