Nava College Prep Quiz

Question 1

Checking and savings accounts can be linked.

Accepted Answer

True

Question 2

What is the maximum FDIC-insured amount for each account?

Accepted Answer

$250,000

Question 3

What is an advantage of having a savings account?

Accepted Answer

High liquidity

Question 4

What is the name of the organization that insures your deposits in a savings account?

Accepted Answer

FDIC

Question 5

What is the average interest rate provided by checking accounts?

Accepted Answer

0%

Question 6

How much should you save under the 50/30/20 rule?

Accepted Answer

20%

Question 7

Which of these is a want?

Accepted Answer

Annual Christmas trip to Costa Rica

Question 8

Savings accounts have monthly withdrawal limits.

Accepted Answer

False

Question 9

Debit cards have a higher interest rate than credit cards.

Accepted Answer

False

Question 10

A monthly budget is based on your pre-tax income.

Accepted Answer

False

Questions 10