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Explore/Personal Financial Literacy: Saving

Personal Financial Literacy: Saving

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Saving

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Questions 7

Answers

1
Lynn has a savings account at a bank. What is the money the bank pays her to save her money?
Interest
A service
Opportunity cost
A good
2
Which of the following is a true statement?
A savings plan assures you only buy things you need.
A savings plan prevents you from buying what you don't need.
A savings plan can help you pay for education.
A savings plan helps you decide what item to buy.
3
Sue wants to save $5 a month for a $75 CD player. What info does she need in her savings plan?
The number of stores selling the CD player for $75
A checking account
The number of months she must save $5
A certificate of deposit
4
Joe wants to sell a bike he bought for $50. If he sells it for $60, what is the extra $10?
Wage
Profit
Savings
Interest
5
Which is not an example of a short term savings goal?
Saving money for college expenses
Saving money to buy a video game
Saving money for a ticket to an amusement park
Saving money to buy new shoes
6
Pat earned $15. He spent $5 and put $10 in his bank account. What is the $ he does not spend?
Spending
Taxes
Savings
Payment for a service
7
Which is NOT a benefit of a savings plan?
Being able to buy an expensive bike
Being able to pay the expenses for summer camp
Being able to play soccer
Being able to pay for college