Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate? Regular savings account, Money Market account, Checking account, Certificate of Deposit

# 2 Banking Unit Test-Period 1

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9th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
Certificate of Deposit
2.
FLASHCARD QUESTION
Front
Which of the following is an effective strategy for personal saving? Wait until the end of the month and save whatever is left in your checking account, Save a certain percentage of each paycheck and deposit it directly into a savings account, Cover all of your wants and needs and save whatever is left over, Take out a payday loan so you can save before you receive your paycheck
Back
Save a certain percentage of each paycheck and deposit it directly into a savings account
3.
FLASHCARD QUESTION
Front
All of the following statements about bank accounts are true EXCEPT:
If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails
Many banks pay interest on the money you deposit into your savings account
Money in a checking account is usually easy to access via ATM, debit card or check
Back
Historically, savings accounts earn higher returns than investments in the stock market
4.
FLASHCARD QUESTION
Front
All of the following are true about prepaid cards EXCEPT...
a. Prepaid cards typically include a lot of fees
b. Prepaid cards are a useful option for someone who is unbanked to make online purchases
c. Prepaid cards are a great way to build credit
Prepaid cards are usually accepted anywhere that debit and credit cards are accepted
Back
Prepaid cards are a great way to build credit
5.
FLASHCARD QUESTION
Front
Which represents the BEST time to start saving for your retirement? Options: As soon as you have your first full-time job, Right after you pay off your student loans, Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage, At age 45, so you have exactly 20 years until retirement
Back
As soon as you have your first full-time job
6.
FLASHCARD QUESTION
Front
Which of the following statements is TRUE?
The majority of Americans have an adequate emergency fund
The majority of Americans have sufficient amounts of money saved for retirement
The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement
The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement
Back
The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement
7.
FLASHCARD QUESTION
Front
Experts recommend that you accumulate enough to cover 3 to 6 _______________ of expenses in your emergency fund.
Back
months
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