Unit 4 and Unit 5 (POB) (Jamaar & Ayden)

Question 1

The first part of budgeting is figuring out how much you have to spend.

Accepted Answer

True

Question 2

Choose to use an accountant or other professional services to manage your money, financial literacy is still important.

Accepted Answer

True

Question 3

In personal banking, what are the most common?

Accepted Answer

checking and savings accounts

Question 4

When reconciling, it is important to factor any account fees or interest.

Accepted Answer

True

Question 5

What is a Certificate of Deposit (CD)

Accepted Answer

Pay higher interest rates than the other accounts mentioned

Question 6

What is a retirement account?

Accepted Answer

long-term savings accounts

Question 7

You should have a savings account at a young age

Accepted Answer

True

Question 8

Budgeting is another important part of money management, and you are never too young to start.

Accepted Answer

True

Question 9

Budget should be based on your net pay rather than your gross pay because you are required to pay your deductions.

Accepted Answer

True

Question 10

Why is it important to keep an eye on your money?

Accepted Answer

The bank will generate regular statements tracking all deposits

Question 11

What is a Money Market Account?

Accepted Answer

Combine the benefits of checking and savings accounts

Question 12

Savings account are.....

Accepted Answer

Also an important part of personal banking

Questions 12