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?
Banking Review

Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Kevin Bresnahan
Used 4+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Savings account
Checking account
Certificate of Deposit
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
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
Take out a loan so you can save before you receive your paycheck
3.
MULTIPLE SELECT QUESTION
1 min • 2 pts
The following statements about bank accounts are true (check all that apply):
If the bank account is FDIC-insured, your money 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
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
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…
Retirement, a house down payment, a new car
A new cell phone, a new car, a house down payment
A new car, a new cell phone, retirement
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Fill in the blanks with the correct responses. 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 ____.
Needs, wants, savings
Savings, needs, wants
Wants, needs, savings
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which of these lists ranks the savings options from highest expected interest rate to lowest expected interest rate?
Online savings account, Certificate of Deposit, Savings account at traditional bank
Savings account at traditional bank, Online savings account, Certificate of Deposit
Certificate of Deposit, Online savings account, Savings account at traditional bank
7.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Which statement best describes a savings account?
This account offers a convenient way to pay bills and access cash from an ATM
This account pays you interest on money you have put away for later to help your money grow
This account typically allows an unlimited number of transactions per month
Create a free account and access millions of resources
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