Managing Your Money Quiz

______________, in a savings account, is calculated as a percentage of what you have saved.

• Penalty

• A fine

• Interest

• Tax

A budget is an estimate of income for a set period of time.

• True

• False

When budgeting, large expenses should be __________________.

• taken from one paycheck

• divided between two paychecks

• divided equally between all paychecks

• paid as they come up

Many banks will require a minimum deposit of ____to ______to open an account.

• $50, $100

• $100, $1,000

• $25, $50

• $0, $100

What is the definition of a "need"?

• Something you do not need to survive.

• Something that is important for you to have.

• Something that is necessary for you to survive.

• Something you would like to have.

An advertisement saying another business has bad service can be an example of what type of deceptive advertising?

• Deceptive comparison

• Deceptive pricing

• Deceptive description

Which of these are a want?

• Money

• Housing

• Food

• TV

An account, similar to savings, but requires higher balances to avoid monthly fees and has limited check writing privileges.

• Checking

• Money Market

• Certificate of Deposit

• Savings

Entertainment and dining out are important expenses in a budget and should not be cut.

• True

• False

An account that allows you easy access to your money and allows the use of checks and debit cards.

• Checking

• Money Market

• Certificate of Deposit

• Savings