Money Management and Banking Review

Question 1

Cars and TVs fall into which of the following categories of wealth?

Accepted Answer

Personal Possessions

Question 2

The safest place to keep important/hard to replace documents is in your home where you can keep a close eye on them

Accepted Answer

False

Question 3

Being able to quickly get access to your money anytime without a penalty is an advantage of?

Accepted Answer

Savings Account

Question 4

Food, clothing, and medical bills are example of?

Accepted Answer

Variable Expenses

Question 5

Which of the following is not true about money market accounts?

Accepted Answer

you can write as many checks per month as desired

Question 6

Mortgage payments, rent, and car payments are examples of?

Accepted Answer

Fixed expenses

Question 7

Which of the following requires you to wait the longest for a maturity date?

Accepted Answer

US Savings Bond

Question 8

Which one of the following is NOT something you consider when choosing a checking account?

Accepted Answer

Inflation

Question 9

Payer writes a check and their bank gives a guarantee of enough money being in the acct

Accepted Answer

Certified check

Question 10

Which one of the following would NOT be an advantage to having a CD?

Accepted Answer

Long term commitment

Question 11

Choosing an account that compounds the interest is better than an account that does not.

Accepted Answer

True

Question 12

To calculate someone's net worth, you take their total liabilities and subtract their total assets.

Accepted Answer

False

Question 13

Some checking accounts may limit the user on the number of checks they can write in a month.

Accepted Answer

True

Question 14

A cash flow statement is useful if you want to see if you are overspending each month.

Accepted Answer

True

Question 15

Cash and savings accounts are an example of which category of wealth?

Accepted Answer

Liquid Assets

Question 16

Stocks and bonds are part of which category of wealth?

Accepted Answer

Investment Assets

Question 17

Which of the following should be kept in your home file?

Accepted Answer

Copy of your budget

Question 18

The length of time you deposit your money into a CD is known as?

Accepted Answer

Term

Question 19

Farm land and houses are part of which category of wealth?

Accepted Answer

Real Estate

Question 20

Which one is NOT a advantage to a regular savings account?

Accepted Answer

Good rate of return

Question 21

Keeping a large minimum balance and interest rates subject to the market is which of the following savings options?

Accepted Answer

money market account

Question 22

Overdraft fees come from accepting checks from someone who doesn't have enough $$ in their acct

Accepted Answer

False

Question 23

Which one of the following would NOT be considered a short term liability?

Accepted Answer

Car loan

Question 24

Which is NOT one of 3 main categories of financial services that financial institutions offer?

Accepted Answer

Investment services

Question 25

This is a prepaid check that you purchase from a post office or store for a small fee

Accepted Answer

money order

Money Management and Banking Review

Questions 25

Money Management and Banking Review

Questions 25