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?
Certificate of Deposit (CD)
Money Market
Checking
Regular savings
What is the best way to save money?
Save only what is left at the end of the month
Take out a loan
Buy what you want first, then save what’s left
Save part of each paycheck and put it in savings
Which is NOT true about bank accounts?
FDIC insurance protects money up to a limit
Savings accounts earn more than the stock market
Money in checking is easy to use
Banks may pay interest on savings
Which is NOT true about prepaid cards?
They often have fees
They help people without banks shop online
They work in most places debit/credit cards work
They build credit
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
The 50-30-20 rule means:
50% wants, 30% needs, 20% wants
50% needs, 30% wants, 20% savings
50% savings, 30% needs, 20% wants
50% needs, 30% savings, 20% wants
When should you start saving for retirement?
After student loans are paid
First full-time job
At age 45
After all debt is gone
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 months of expenses
3–6 days of expenses
3–6 weeks of expenses
3–6 years of expenses
Why might someone pick an online savings account instead of a bank savings account?
Online accounts insure more money
Online accounts usually pay more interest
Online accounts are only for people under 25
Online accounts stop identity theft
Which best describes a savings account?
Easy way to pay bills and get cash
Lets you do unlimited transactions
Pays interest to help your money grow
Comes out right away when you use a debit card
Aunt Tina says her family is living paycheck to paycheck. What does that mean?
They have no savings and only cover bills
She and her husband get paid on different months
She only gets paper checks
They have high-paying jobs and don’t worry
You buy groceries with a debit card. Where does the money come from?
Your checking account
Your savings account
Credit card company pays
Cash advance from credit card
Fill in the blanks: If inflation is ______ than your savings rate, you are ______ power
Equal, gaining
Lower, losing
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?
Depositing a check
Using debit card for groceries
Using a credit card for books
Writing a rent check to mail later
