Which of the following people would be LEAST likely to benefit from opening a checking account?

A young child who receives a $5 allowance each month

Which statement about debit and credit cards is TRUE?

Both cards allow you to make purchases online and at major stores

Each of the following is a way to access money in your checking account EXCEPT...

Swipe a prepaid card to pay for your fast food purchase

Two benefits of having a checking account are safety and convenience. Which of the following statements is FALSE?

In order to shop online, you must use a debit card

When you opt out of overdraft protection...

Since you turned down overdraft protection, the bank will not allow you to overdraw your account so your card will be denied in these 3 instances

Add at least 10-20% of her paycheck to her savings account and the remaining 80-90% to her checking account

If you trying to distinguish between essential and discretionary expenses, which question is MOST useful?

Will there be a bad consequence if I don't buy this item?

Which statement below would indicate that you deposited more money than you spent?

Your ending balance is higher than your previous balance

Which item below would MOST PEOPLE consider a need and why?

Auto insurance, to minimize your financial risk if you cause a major accident

studbud

20-21 FinMath Sem 1

16 termsStudBud Administration7 plays

Imported from external platform

Flashcards16 cardsFPractice quizPHost liveL

Questions 16

Answers

1
Which of the following people would be LEAST likely to benefit from opening a checking account?
A successful business person who already has a savings account and owns some stock in a company
A senior citizen who is retired and whose only income is Social Security
A young child who receives a $5 allowance each month
A teenager whose part-time job pays roughly $100 per week
2
Which actress is being drawn?
Emma Watson
Hilary Duff
Kristen Stewart
Sandra Bullock
3
Who is this?
Wasabi
Honey Lemon
Aunt Cass
Go Go
4
When a bank says their savings account earns 1% interest, that typically means you will earn 1% interest ...
Quarterly
Daily
Monthly
Annually
5
What is the title of this song?
Tale as Old as Time
A Dream is a Wish Your Heart Makes
Beauty and the Beast
Bibbidi-Bobbidi-Boo
6
Which statement about debit and credit cards is TRUE?
Debit cards REMOVE money from your checking account while credit cards ADD money to your checking account
Debit cards, credit cards, and ATM cards all mean the same thing
Both cards draw money directly from your checking account when you make a purchase
Both cards allow you to make purchases online and at major stores
7
Each of the following is a way to access money in your checking account EXCEPT...
Use your debit card to pay for groceries at a Point-of-Sale (POS) terminal
Write a check to pay the rent on your apartment
Take out cash using your debit card at an ATM machine
Swipe a prepaid card to pay for your fast food purchase
8
Two benefits of having a checking account are safety and convenience. Which of the following statements is FALSE?
With a checking account, you have several options for how to pay bills
In order to shop online, you must use a debit card
You can cash checks for free when you cash your paycheck at your bank
If you have a checking account, you won't need to carry as much cash with you
9
When you opt out of overdraft protection...
Since you turned down overdraft protection, the bank will not allow you to overdraw your account so your card will be denied in these 3 instances
You will likely be charged an overdraft fee for EACH transaction and need to repay the bank the funds overdrawn ($29) + interest
The bank will provide you with five days to add funds to your account to cover the overdraft but will not charge you any fees
Your account will be closed
10
Which is an advantage of paying your bills using the online bill pay feature with your checking account?
It eliminates late fees.
The company you are paying receives the money on the same day.
It saves time and paper.
There is typically only a small fee to set-up and use this feature.
11
Financial advice
Add at least 95% of her paycheck to her checking account and 5% to her savings account because you know that saving is hard for her
Add at least 10-20% of her paycheck to her savings account and the remaining 80-90% to her checking account
Do not have her paycheck direct deposited since it is NOT a secure way to transfer money
Direct deposit the full amount of the check each month into her checking account and then decide later how much to put into savings
12
If you trying to distinguish between essential and discretionary expenses, which question is MOST useful?
Will this item last more than one year?
Will there be a bad consequence if I don't buy this item?
Does this item make me happy?
Do all of my friends have this item?
13
Which statement below would indicate that you deposited more money than you spent?
Your previous balance is higher than your ending balance
Your ending balance is higher than your previous balance
Your fees are greater than your starting balance
Your withdrawals are larger than your fees
14
Which item below would MOST PEOPLE consider a need and why?
Professional SAT prep tutoring, to guarantee a high score and college admissions
Auto insurance, to minimize your financial risk if you cause a major accident
A new laptop every 2 years, so you can work quickly and efficiently
A week's vacation, to decompress from the stresses of work or school
15
Which savings would work best for if you don't need access to the money for a number of years & want high interest rate?
Regular savings account
Checking account
Certificate of Deposit
Money Market account
16
What is this boy's last name?
Obama
Williams
Tesfaye
Raymond

20-21 FinMath Sem 1 Flashcards | StudBud