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
NGPF Banking

Flashcard
•
Financial Education
•
9th - 12th Grade
•
Hard
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25 questions
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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
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
Back
30 months
4.
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
Historically, savings accounts earn higher returns than investments in the stock market
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
5.
FLASHCARD QUESTION
Front
All of the following are true about prepaid cards EXCEPT…
Prepaid cards typically include a lot of fees,
Prepaid cards are a useful option for someone who is unbanked to make online purchases,
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
6.
FLASHCARD QUESTION
Front
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…
Back
A new cell phone, college tuition, a house down payment
7.
FLASHCARD QUESTION
Front
If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.
Back
Needs, wants, savings
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