Savings Account

Savings Account

12th Grade

10 Qs

quiz-placeholder

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Savings Account

Savings Account

Assessment

Quiz

Life Skills

12th Grade

Hard

Created by

Yvette Brown

Used 7+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image
How is wealth defined?
How much money you have in your Checking and Saving accounts
Debts - Assets
All assets, including money in the bank + retirment
Assets - Debts

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image
Which is NOT a typical goal for a savings account?
To create an emergency fund
To pay for higher education
To save for a new car
To buy groceries for this week

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image
About how much should you save in an emergency fund?
1-3 months of living expenses
3-6 months of living expenses
6-9 months of living expenses
9-12 months of living expenses

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image
What is a good strategy to help you save?
1st, spend money on all expenses; put the rest into saving
Tap into your savings on a regular basis to purchase small items, like snacks
Pay yourself first - set aside money for savings each month
Keep your spending and saving money together in 1 account

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

Which is TRUE about online saving accounts? (hint: choose 2 correct answers)

Usually have higher interest rates than non-online accounts

They usually have lower costs compared to brick-and-mortar banks

Online accounts are not FDIC insured

You can withdraw money an unlimited # of times

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image
Saving accounts differ from checking accounts in that...
Money in a saving account can be used to fund a bank's loans
Saving accounts let you withdraw $ an unlimited # of times
Saving accounts come with more fees than checking accounts
Checking accounts offer higher interest rates

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

What might you need to open a savings account? (hint: choose 2 correct answers)

Minimum opening deposit

Your previous year's tax returns (or your parents')

The routing number to a checking account

Identification

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