BIM 2 Final Exam

Which type of bank account is best for everyday transactions?

• Checking Account

• Savings Account

• Money Market Account

• Certificate of Deposit

What should you do before you withdraw money from the ATM?

• Ask someone nearby for help with the ATM

• Find a hidden ATM so no one will you withdraw money.

• Inspect the ATM to make sure it wasn't tampered with.

• Share your pin number with trusted friends so you don't forget it.

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

• The CFPB

• No one, you can''t resolve the issue

• The local police station

• Your financial institution

Investing is best for ________?

• Short-term financial goals, like building an emergency fund

• Earning a little interest while keeping your money safe

• Long-term financial goals, like paying for retirement

• Guaranteed fast growth on your money

Why is it important to reconcile your bank statements?

• To avoid spending more than what is in your account?

• To detect any errors in your account.

• To determine if you were charged any fees.

• All of the above

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

• The local police station.

• Your bank

• The CFPB

• All of the above

A_______ is a share of ownership in a company.

• Bond

• Stock

• Mutual Fund

• Money market account

What should you do before you approach an ATM?

• Make sure it is hidden so no one will see you withdraw money.

• Ask someone nearby for help using the ATM.

• Share a picture of your debit card with your friends.

• Check for any suspicious people lurking nearby.

What is net pay?

• The amount of pay earned for the total number of hours worked.

• The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

• The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

• Your gross pay plus any bonuses.

The W-4 tax form is used to _________.

• Tell your employer how much federal income tax to withhold from yor paychecks to send to the IRS.

• Determine how much your gross pay should be.

• File your tax return.

• Avoid paying income taxes on your paycheck.