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Money Management Flashcards | StudBud

Explore/Money Management

Money Management

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#banking #income #nz

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Questions 10

Answers

1
If someone is serious about saving which account is best?
A term investment.
A transaction account.
An overdraft account.
An on-call savings account.
2
What is one benefit of a term investment account?
It usually offers higher interest than other accounts.
It is easy to get funds from the ATM machine.
It allows easy access to more finance when required.
It has lower start up fees than a transaction account.
3
Why do banks pay interest on saving accounts?
Because they pay this instead of tax.
Because they are competing with other banks for your money
Because they want to be nice.
Because they have to by law.
4
What is a transaction account?
An account for everyday use and regular transactions.
An account for short term saving
An account opened for a set time.
An account for long term saving
5
What is one disadvantage of storing funds in an everyday account?
It has high set up costs.
It does not reward with interest.
You cannot use an EFTPOS card with this type of account.
The funds are locked in for a set time.
6
What is the reward for saving?
Bonus exchange
Pay rise
Inflation
Interest
7
What are three ways someone can store their money in a bank?
Transaction account, saving account, term investment
Term investment, Shares, Interest
Overdraft, saving account, credit facility
EFTPOS, Term investment, saving account
8
Which of these is not a bank?
Kiwisaver
ASB
ANZ
Westpac
9
What type of account usually issues a cheque book if requested?
Term Deposit account
Smart saver account
Kiwisaver account
Transaction account
10
What is a dishonoured cheque?
A cheque that isn't filled in properly.
A cheque that has been given twice.
A cheque that is late.
A cheque which has bounced - not enough funds available.