Test

Question 1

Savings accounts typically offer more interest than what type of account

Answer 1

Checking account

Question 2

Which of the following statements about savings accounts is false

Answer 2

Savings accounts allow an unlimited number of withdrawals each month

Question 3

What should you do before you withdraw money from the atm

Answer 3

Inspect the atm to make sure it wasn’t tampered with

Question 4

Which if the following is not a common feature of a financial institution

Answer 4

Access to investment products

Question 5

Which of the following is not a common feature of a financial institution

Answer 5

Investment trading

Question 6

What should you do before you use an atm

Answer 6

Inspect the atm and it’s surroundings to make sure it’s safe to use

Question 7

Which type of bank account is best for everyday transactions

Answer 7

Checking account

Question 8

If there is an issue with your bank statement or account balance who should you contact to resolve the issue

Answer 8

Your bank

Question 9

Which savings account will earn you the most money

Answer 9

One that compounds internet daily

Question 10

Which statement is true

Answer 10

If there is a mistake on your bank account you should contact your financial institution immediately

Question 11

Which of the following statements about check cashing companies is false

Answer 11

They charge low fees

Question 12

How would you reconcile your bank account to avoid spending more than you have

Answer 12

Compare your own records of your spending with your financial institutions records

Question 13

Which of the following statements about stocks is true

Answer 13

A stock is a share of ownership in a company

Question 14

A mutual fund is

Answer 14

A type of investment that invests in a mix of different types of investments

Question 15

A ________ is a share of ownership in a company

Answer 15

Stock

Question 16

Why is it important to reconcile your bank statements

Answer 16

All the above

Question 17

How can you avoid spending more than what is in your bank account

Answer 17

Keep your own records to compare with your financial institutions records

Question 18

Which of the following statements about savings accounts is false

Answer 18

Savings accounts don’t usually require a minimum balance to avoid paying a fee

Question 19

Which of the following statements about check cashing companies is true

Answer 19

They charge high fees

Question 20

Which of the following statements about savings accounts is false

Answer 20

Savings accounts don’t usually pay interest on the money don’t deposit

Question 21

Which of the following statements about investing is false

Answer 21

Investing is guaranteed way to grow your money

Question 22

Which statement about investing is true

Answer 22

Investing is risked than putting money in a savings account

Question 23

A stock is

Answer 23

A share of ownership in a company

Question 24

If there is a mistake with one of your bank accounts who should you contact to resolve the issue

Answer 24

Your financial institution

Question 25

A savings account that compounds internet daily will earn a higher return than a savings account that pays simple interest daily

Answer 25

True

Question 26

Which of the following financial institutions typically have the highest fees

Answer 26

Cash checking and payday loan companies

Question 27

Which type of bank account typically offers the least if any interest

Answer 27

Checking account

Question 28

Which of the following is not a common feature of a financial institution

Answer 28

Access to investment advice

Question 29

Investment is best for

Answer 29

Long term financial goals like paying for retirement