Edit Game
Banking Unit Review
 Delete

Use commas to add multiple tags

 Private  Unlisted  Public



 Save

Delimiter between question and answer:

Tips:

  • No column headers.
  • Each line maps to a question.
  • If the delimiter is used in a question, the question should be surrounded by double quotes: "My, question","My, answer"
  • The first answer in the multiple choice question must be the correct answer.

 Import questions





 Save   25  Close
Michael makes $700 each month. How much should he save if he follows the 50-20-30 rule?
 
$140
 
$70
 
$40
 
$700
Which is NOT a problem with being unbanked?
 
No bank fees
 
No credit access
 
Wasting time paying bills
 
Hard to pay without cash
Direct deposit usually means your ______ sends your ______ to your bank.
 
Employer, paycheck
 
Parents, allowance
 
Government, taxes
 
Employer, bills
When would you NOT use a money app like Venmo?
 
Buying a pizza on a company website
 
Pay a neighbor for breaking a window
 
Friends paying each other for rent
 
Paying back a coach for team fees
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
 
Account closes
 
You are charged overdraft fees
How often do people usually get a checking account statement?
 
monthly
 
weekly
 
daily
 
yearly
You have $10 in your account. You spend $12 for lunch, $12 for a movie, and $15 for dinner with overdraft coverage. What happens?
 
You pay overdraft fees and must repay the bank
 
Bank denies your card
 
Bank gives you 5 days to repay, no fees
 
Your account closes
What is FDIC insurance?
 
Protects deposits up to $250,000 if bank fails
 
Extra coverage you can buy
 
Insurance banks buy
 
Needed for online banking
Which is a benefit of online banking?
 
Higher interest
 
No fees after you sign up
 
You can move money, pay bills, and save online
 
You can only shop online with it
Which action lowers your checking balance right away?
 
Using debit card for groceries
 
Using a credit card for books
 
Depositing a check
 
Writing a rent check to mail later
Jocelyn sees ATM withdrawals she didn’t make. What should she do?
 
Call the bank right away
 
Wait for her monthly statement
 
Wait a week, the bank might fix it
 
Check if her card is still in her wallet
Fill in the blanks: If inflation is ______ than your savings rate, you are ______ power
 
Higher, losing
 
Higher, gaining
 
Equal, gaining
 
Lower, losing
You buy groceries with a debit card. Where does the money come from?
 
Your checking account
 
Credit card company pays
 
Cash advance from credit card
 
Your savings account
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
 
They have high-paying jobs and don’t worry
 
She only gets paper checks
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
Why might someone pick an online savings account instead of a bank savings account?
 
Online accounts usually pay more interest
 
Online accounts insure more money
 
Online accounts stop identity theft
 
Online accounts are only for people under 25
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
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
When should you start saving for retirement?
 
First full-time job
 
After student loans are paid
 
After all debt is gone
 
At age 45
The 50-30-20 rule means:
 
50% needs, 30% wants, 20% savings
 
50% savings, 30% needs, 20% wants
 
50% needs, 30% savings, 20% wants
 
50% wants, 30% needs, 20% wants
Which list shows short-, medium-, and long-term goals?
 
New phone, college, house down payment
 
Retirement, house down payment, college
 
New phone, dinner with friends, new bike
 
Retirement, college, vacation
Which is NOT true about prepaid cards?
 
They build credit
 
They often have fees
 
They help people without banks shop online
 
They work in most places debit/credit cards work
Which is NOT true about bank accounts?
 
Savings accounts earn more than the stock market
 
FDIC insurance protects money up to a limit
 
Banks may pay interest on savings
 
Money in checking is easy to use
What is the best way to save money?
 
Save part of each paycheck and put it in savings
 
Save only what is left at the end of the month
 
Buy what you want first, then save what’s left
 
Take out a loan
Juan saved $1,000. He won’t need it for years and wants the most interest. Which account is best?
 
Certificate of Deposit (CD)
 
Regular savings
 
Money Market
 
Checking
Your experience on this site will be improved by allowing cookies.