Understanding Savings Goals and Accounts

Front

Which of the following is NOT an example of a long-term savings goal? home ownership, college education, retirement, automobile purchase

Back

automobile purchase

Front

Which of the following items is the most liquid? home, regular savings, certificate of deposit, automobile

Back

regular savings

Front

A type of savings plan whereby you set aside money at a financial institution for a set period is a

Back

certificate of deposit

Front

Which of the following is NOT a benefit of direct deposit: your money is available in your account faster, you do not have to make a special trip to the bank, you can have part of all of your deposit put into your savings account, your money earns more interest than in any other type of savings plan?

Back

your money earns more interest than in any other type of savings plan

Front

Which of the following do banks usually offer: ATMs, numerous locations, drive-up windows?

Back

all of these

Front

The FDIC insures a depositor's money up to

Back

250000

Front

Of the following items, which pays the highest total interest when deposits are withdrawn at irregular times: compounded monthly, compounded quarterly, compounded daily, compounded yearly?

Back

compounded daily

Front

Emergencies, vacations, social events, and major purchases are examples of short-term needs

Back

True

Front

Cash allowances awarded to students to go to college, called scholarships, are based on need or may be based on high test scores. True or False?

Back

True

Front

A subsidized student loan has higher interest rates, and interest begins the day you receive the loan

Back

False