Share Banking Unit Review
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Juan saved $1,000. He won’t need it for years and wants the most interest. Which account is best?
Checking
Certificate of Deposit (CD)
Money Market
Regular savings
What is the best way to save money?
Save only what is left at the end of the month
Save part of each paycheck and put it in savings
Take out a loan
Buy what you want first, then save what’s left
Which is NOT true about bank accounts?
Money in checking is easy to use
FDIC insurance protects money up to a limit
Savings accounts earn more than the stock market
Banks may pay interest on savings
Which is NOT true about prepaid cards?
They help people without banks shop online
They build credit
They often have fees
They work in most places debit/credit cards work
Which list shows short-, medium-, and long-term goals?
New phone, college, house down payment
Retirement, college, vacation
New phone, dinner with friends, new bike
Retirement, house down payment, college
The 50-30-20 rule means:
50% needs, 30% wants, 20% savings
50% needs, 30% savings, 20% wants
50% wants, 30% needs, 20% wants
50% savings, 30% needs, 20% wants
When should you start saving for retirement?
First full-time job
At age 45
After all debt is gone
After student loans are paid
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
How much should you have in an emergency fund?
3–6 weeks of expenses
3–6 years of expenses
3–6 months of expenses
3–6 days of expenses
Why might someone pick an online savings account instead of a bank savings account?
Online accounts are only for people under 25
Online accounts usually pay more interest
Online accounts stop identity theft
Online accounts insure more money
Which best describes a savings account?
Pays interest to help your money grow
Easy way to pay bills and get cash
Comes out right away when you use a debit card
Lets you do unlimited transactions
Aunt Tina says her family is living paycheck to paycheck. What does that mean?
She and her husband get paid on different months
They have no savings and only cover bills
They have high-paying jobs and don’t worry
She only gets paper checks
You buy groceries with a debit card. Where does the money come from?
Your savings account
Cash advance from credit card
Credit card company pays
Your checking account
Fill in the blanks: If inflation is ______ than your savings rate, you are ______ power
Lower, losing
Equal, gaining
Higher, losing
Higher, gaining
Jocelyn sees ATM withdrawals she didn’t make. What should she do?
Wait a week, the bank might fix it
Call the bank right away
Check if her card is still in her wallet
Wait for her monthly statement
Which action lowers your checking balance right away?
Writing a rent check to mail later
Depositing a check
Using a credit card for books
Using debit card for groceries
