What is the purpose of a budget?

a. plan how you will spend your money

b. the amount owed for borrowing money

When saving, what is a good rule of thumb?

b. Put aside money for savings each month

Which is generally true about savings vehicles?

b. Evaluate different forms based on their needs

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Savings Career Prep

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Quiz on Savings Module for Career Preparedness (Everfi Financial Literacy)

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Questions 11

Answers

1
Which compound frequency will earn you the MOST money?
a. 1 time a year
d. compounding daily
b. 4 times a year
c. Compounding monthly
2
Which of the following actions enable John to earn MORE interest on his savings account?
b. Leave his money in the account for a long period of time
a. An account with a high interest rate
d. Both A & B
c. Transfer money into his checking account each month
3
Which will give you the LEAST access to your money?
d. All of the above
b. Certificate of Deposit (CD)
c. Checking Account
a. Simple savings account
4
What is the purpose of a budget?
d. compute your taxes
b. stop you from spending too much
c. increase your savings account
a. plan how you will spend your money
5
Which savings vehicle usually requires a high minimum balance?
d. All of the above
c. Checking account
b. Certificate of Deposit (CD)
a. Simple savings account
6
How many years will it take a savings of $5.000 with 8% interest rate to double to $10,000?
5 years
20 years
9 years
10 years
7
Which savings account earns the most interest?
d. simple; highest
b. compound; highest
c. simple; lowest
a. compound; lowest
8
Which is a type of savings vehicle?
b. Money Market Account
a. Certificate of Deposit
c. Checking Account
d. Both A & B
9
What is interest?
a. a charge for lending money to a bank
d. charge for accessing money in bank account
b. the amount owed for borrowing money
c.amount added into your savings when opening a bank account
10
When saving, what is a good rule of thumb?
a. Keep most of your money in checking
d. Put everything on a credit card
c. Choose the savings account with lowest interest rate
b. Put aside money for savings each month
11
Which is generally true about savings vehicles?
a. Only useful for long-term investments
c. They are never insured.
b. Evaluate different forms based on their needs
d. All of the above

Savings Career Prep Flashcards | StudBud