stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 5 Test Review Flashcards | StudBud
Explore
/
Unit 5 Test Review
Unit 5 Test Review
48 terms
·
StudBud Administration
·
405 plays
This game is over the lesson on How to Manage a Savings Account.
Flashcards
48 cards
F
Practice quiz
P
Host live
L
Questions
48
Answers
1
What is bank statement reconciliation?
When you check with the bank to find the current balance
When you work out your differences with the bank teller
When you make sure your check register is up-to-date
When comparing the check register with the monthly statement
2
What is a Checkbook Register?
specific listing individual pieces or units of information
log of deposits and withdrawals from a checking account
not established for the purpose of making a profit
balance of an account on the day the bank runs
3
When are you charged an overdraft fee?
Monthly when your statement arrivees
When you have plenty of money in your acct.
When you need to order checks
When you spend more money than you have.
4
What is a blue chip stock?
Stock that has a bad reputation
Speculative stock
Stock with a national reputation for reliability.
Preferred stock
5
Which account has a penalty for early withdrawal?
CD's
Basic Savings Account
Mutual Funds
Money Market Account
6
The process of matching your checkbook register with the bank statement
reconciliation
recomparing
recording
restoration
7
When opening a savings account, what should be brought with you?
All of the above
Money for your first deposit
License
Social Security Card (another form of identification)
8
Why is making a personal budget important?
It shows you where to keep your money.
It helps you decide how to spend your money.
It helps your identify things you want.
It shows you how to earn more income.
9
Tyler worked 45 hours at Target. He makes $12/hr. for regular pay. How much was his check this week? (include overtime)
$570.00
$575.00
$540.00
none of these
10
Which of the following is an interest bearing account?
Checking Account
Credit Card
Savings Account
11
What is Capital Gain?
Capital Gain is when you sell a stock for more than you paid
Capital Gain is when buy a stock for less than asking price
Capital Gain is when you sell a stock for less than you paid
Capital Gain is when buy a stock for more than asking price
12
Sarah worked 44 hours at Panera. She makes $10/hr. for regular pay. How much was her total check this week?
$460.00
none of these
$475.00
$440.00
13
What does the FDIC do?
Makes coins
Insures deposit accounts
Gives loans
Sells treasury bonds
14
Gross Pay is
retirement money
taxes
when you don't pay your bills on time
the amount of money someone makes before and deductions are withheld
15
What is another name for a demand deposit?
Retirement Account
Financing Account
Savings Accounts
Checking Account
16
A stock broker is...
A person who buys and sells stocks on the behalf of clients
A person who buys and sells stocks for themself
Some dude named Stock who constantly is broke.
17
Another name for ownership of a stock
IPO
A piece
A share
18
What is Mutual Fund?
A certificate issued by a bank.
A way for investors to invest in a variety of stocks.
Offer many of the same services as checking account.
When you lend money to a corporation or government.
19
Simple Interest is
The amount of money I put in to my account
The money that I earn on the money I put in to my account
20
Variable expenses are
Expenses that may change from month to month
Expenses like rent and utilities
Money that goes into your savings account
Expenses that cost the same amount every month
21
An endorsement indicating a new owner of a check; "Pay to the Order of......"
endorsement
blank endorsement
restrictive endorsement
special/full endorsement
22
What's the purpose of bank savings/ or passbook accounts?
Allows you to make a larger deposit
Earn a high interest rate
Allows you to make a minimum deposit
23
An endorsement that has only the signature
restrictive endorsement
special endorsement
blank endorsement
24
What is a savings account?
A bank account that earns interest
An account where checks can be drawn out by the 2nd deposit.
25
My expenses should be more than my income
True
False
26
A document that a bank keeps on file with the signatures of all the people on that account
Time Card
Signature Card
Credit Card
EBT Card
27
Net Pay is your Take-Home Pay
True
False
28
What is overtime?
Working regular hours during the week
Working part time
Working less than the amount of hours on your schedule
Hours worked past the number of hours in the regular week
29
Overtime
Is always paid for any hours over 8 in a day
Rates are 1 and 1/2 time regular rate of pay
is calculated the same way in every state
Is never paid to family members
30
If income exceeds expenses, what should you do?
Put money into savings for the future.
Nothing.
Go on an exotic trip.
Spend it as fast as you can.
31
An outstanding check is one that has been issued but not yet reported on a bank statement
false
true
32
The date on which a person may withdraw his/her money from a CD without incurring a penalty.
May 31 of current year
Closing Date
Ending Date
Maturity Date
33
What are Fixed Expenses?
Big Houses fixed in place
Me have no money
Regular expenses that do not vary from month to month
Irregular expenses that vary from month to month
34
In a certificate of deposit, you must keep it in there for a period of time
False
True
35
What are CD's?
Compact Disk
Competition Dynamics
Certificates of Deposit
Certificates of Demand
36
What does a stop payment do?
When your money is at a halt
When you stop a membership
When someone steals your money and cases fraud
When you make a check that you no longer want to go through
37
What is a Stock Market Exchange?
A marketplace for stocks, bonds, etc. to bought and sold.
A marketplace for antiques.
A fleamarket in which goods are sold.
A place for lunch.
38
Reasons to Budget
To stay out of financial trouble
To learn to live in less than available income
All of the above
To determine how much money you have to spend
39
The amount that subtracted from Gross Pay
Take Home Pay
Net Pay
Deductions
Gross Pay
40
Money Market Accounts earn higher interest rates than the traditional savings account.
False
True
41
How do you create a budget?
You transfer funds and they are recorded on a sheet
You buy a female and a male budgie
You type numbers on a chart
You record or estimate your income and expenses for a period of time
42
A stock is :
Something only publicly traded companies have
A share of ownership in a company
All of the above
An IOU from the company
43
What is a preferred stock?
Stock that give a fixed dividend.
Stock that may or may not give a dividend.
Stock that nobody wants.
Stock that everyone wants.
44
how much money will the FDIC back?
$100
100,000
$250,000
150,000
45
Net pay is:
Pay after taxes and before extra withholdings
Your pay after taxes and withholdings
Total wages earned
Taxes subtracted from wages
46
What is this?
Check Register/Ledger
Deposit Slip
Check
Bank Statement
47
A canceled check is a check that
Someone wrote to you but you didn't cash
You wrote but don't want to cash
You wrote but the person you gave it to did not cash it
You wrote and the person you gave it to cashed it
48
An endorsement that restricts the transfer of the check; "For Deposit Only"
special endorsement
restrictive endorsement
blank endorsement
