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15
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Why might someone pick an online savings account instead of a bank savings account?
Online accounts insure more money
Online accounts stop identity theft
Online accounts usually pay more interest
Online accounts are only for people under 25
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15
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What is the best way to save money?
Buy what you want first, then save what’s left
Take out a loan
Save only what is left at the end of the month
Save part of each paycheck and put it in savings
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15
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Michael makes $700 each month. How much should he save if he follows the 50-20-30 rule?
$40
$70
$140
$700
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15
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Which best describes a savings account?
Lets you do unlimited transactions
Easy way to pay bills and get cash
Comes out right away when you use a debit card
Pays interest to help your money grow
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15
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Which list shows short-, medium-, and long-term goals?
Retirement, college, vacation
Retirement, house down payment, college
New phone, college, house down payment
New phone, dinner with friends, new bike
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15
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You have $10 and spend $12 for lunch, $12 for a movie, and $15 for dinner with NO overdraft coverage. What happens?
Card is denied, no overdraft allowed
Bank gives you 5 days to repay, no fees
You are charged overdraft fees
Account closes
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15
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Which is NOT a problem with being unbanked?
No credit access
No bank fees
Hard to pay without cash
Wasting time paying bills
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thief
Give points!
5
10
15
20
25
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rocket
Go to first place!
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gift
Win 5 points!
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thief
Give points!
5
10
15
20
25
15
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What is FDIC insurance?
Needed for online banking
Protects deposits up to $250,000 if bank fails
Insurance banks buy
Extra coverage you can buy
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heart
Other team wins 25 points!
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shark
Other team loses 5 points!
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gift
Win 15 points!
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banana
Go to last place!
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15
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Which is NOT true about prepaid cards?
They often have fees
They work in most places debit/credit cards work
They help people without banks shop online
They build credit
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15
×
The 50-30-20 rule means:
50% wants, 30% needs, 20% wants
50% savings, 30% needs, 20% wants
50% needs, 30% savings, 20% wants
50% needs, 30% wants, 20% savings
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15
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When would you NOT use a money app like Venmo?
Buying a pizza on a company website
Paying back a coach for team fees
Friends paying each other for rent
Pay a neighbor for breaking a window
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baam
Lose 20 points!
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rocket
Go to first place!
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shark
Other team loses 15 points!
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thief
Give points!
5
10
15
20
25
15
×
What is the main use of a digital wallet like Apple Pay?
Pay businesses without cash or card
Send money to friends
Use your bank’s app
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15
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When should you start saving for retirement?
After all debt is gone
At age 45
After student loans are paid
First full-time job
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