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- 1. Multiple Choice
People who are unbanked are most likely to...
Have a high credit score
Have a low income
Have a college degree
Have a mortgage
- 2. Multiple Choice
Overdraft protection...
Allows you to withdraw more money than you have in your account
Protects your account from unauthorized transactions
Helps you save money for emergencies
Provides insurance for your deposits
- 3. Multiple Choice
Which of the following is TRUE about banks and credit unions?
Banks are for-profit institutions, while credit unions are non-profit
Banks offer higher interest rates on savings accounts than credit unions
Credit unions are insured by the FDIC, while banks are not
Banks are owned by their customers, while credit unions are owned by shareholders
- 4. Multiple Choice
Which of the following is NOT required to open a checking account?
Proof of identity
Proof of address
Social security number
Minimum age requirement
- 5. Multiple Choice
Which of the following is NOT a common way most people are using P2P, such as Venmo?
Splitting bills with friends
Paying rent or utilities
Sending money to family members
Investing in stocks
- 6. Multiple Choice
What feature is the LEAST important for a college student to look for in a checking account?
Low or no monthly fees
Convenient ATM access
High interest rates
Online and mobile banking
- 7. Multiple Choice
Which of the following is FALSE about check registers?
They help you keep track of your account balance
They are used to record deposits and withdrawals
They are no longer necessary with online banking
They can help you detect errors or fraud
- 8. Multiple Choice
What is a typical overdraft fee?
$10
$25
$50
$100
- 9. Multiple Choice
How can you protect your checking account when using online and mobile banking?
Use strong and unique passwords
Avoid using public Wi-Fi networks
Regularly monitor your account activity
All of the above
- 10. Multiple Choice
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
Process the largest check first
Process the smallest check first
Process the checks in random order
Process the checks in alphabetical order
- 11. Multiple Choice
Why is understanding a bank's fees particularly important for students or young adults?
They are more likely to have a low income
They are more likely to have a high credit score
They are more likely to have a mortgage
They are more likely to have a college degree
- 12. Multiple Choice
Which is NOT a typical goal for a savings account?
Saving for retirement
Saving for a down payment on a house
Saving for a vacation
Saving for a new car
- 13. Multiple Choice
What is a 529 account?
A retirement savings account
A health savings account
A college savings account
A tax-free savings account
- 14. Multiple Choice
About how much should you save in an emergency fund?
1 month of expenses
3 months of expenses
6 months of expenses
1 year of expenses
- 15. Multiple Choice
What are some reasons for why so many Americans live paycheck-to-paycheck?
Low wages
High cost of living
Lack of financial education
All of the above
- 16. Multiple Choice
How does the 50-20-30 rule distribute your income?
50% for needs, 20% for savings, 30% for wants
50% for savings, 20% for needs, 30% for wants
50% for wants, 20% for savings, 30% for needs
50% for needs, 20% for wants, 30% for savings
- 17. Multiple Choice
How is compound interest different than simple interest?
Compound interest is calculated on the initial amount only
Compound interest is calculated more frequently
Simple interest is calculated more frequently
Simple interest is calculated on the initial amount only
- 18. Multiple Choice
How does inflation impact the money in your savings account?
It increases the value of your money
It decreases the value of your money
It has no impact on the value of your money
It depends on the interest rate
- 19. Multiple Choice
Assuming a rate of growth of 8%, in how many years will your $ double?
6 years
8 years
10 years
12 years
- 20. Multiple Choice
Saving accounts differ from checking accounts in that...
Saving accounts have higher interest rates
Saving accounts have more fees
Saving accounts have unlimited transactions
Saving accounts have overdraft protection
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