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S22 Foundations of Money > AGLS Exam 2 - FLASHCARDS - Saving and Banking > Flashcards

AGLS Exam 2 - FLASHCARDS - Saving and Banking

1
Q

What are liquid assets?

A

Cash and investments that can be easily converted to cash. Liquidity is crucial to short term goals and intermediate goals. Good for emergencies. Potential emergencies: getting fired, natural disasters, having children

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2
Q

What is cash management?

A

Deciding how much to keep in liquid assets and where to keep it

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3
Q

What is the recomended liquidity for prodessionals?

A

3 to 6 months of expenses

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4
Q

What is the recomended liquidity for college students?

A

$1,000

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5
Q

What type of account has limited transactions?

A

Checking account

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6
Q

What type of account has low to no interest rate?

A

Checking account

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7
Q

What type of account uses a debit card?

A

Checking account

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8
Q

What type of bill paymernt does a checking account have?

A

Online bill payment

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9
Q

What account has rates similar to a savings account?

A

Money market

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10
Q

What account uses ATM account and limited checks?

A

Money market

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11
Q

What account has limited certificates of deposit per month?

A

Money market

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12
Q

What account has minimum holding time?

A

Savings account

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13
Q

What account has minimum balance?

A

Savings account

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14
Q

What account has low interest rate?

A

Savings account

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15
Q

What account has monthly/annual fees?

A

Savings account

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16
Q

What account has minimum deposits?

A

Cetrificate of deposit

17
Q

What account has a high interest rate?

A

Certificate of deposit

18
Q

What account has an early withdrawral penalty?

A

Certificate of deposit

19
Q

FDIC (and NCUA) Insurance protects bank (and Credit Union) depositors by insuring up to _________ in the event of _________

A

$250,000 per depositor in the event of a financial institution failure

20
Q

What are common bank fees?

A

ATM, overdraft(NSF) fees, retuned check fees, minimum balance fees, and monthly/annual fees

21
Q

What are common bank conveniences?

A

Safe deposit boxes, overdraft protection, stop payments, electronic funds transafers, ATM’s, online banking, bank transfers, currency exchange, and notary services

22
Q

What checks are drawn on the bank’s account?

A

Cashier’s check

23
Q

What checks are drawn on your account?

A

Certified check

24
Q

What checks can be purchased at the post office?

A

Money order

25
Q

What checks have denominations of $20, $50, & $10?

A

Traveler’s check

S22 Foundations of Money (16 decks)

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