Unit 5 Test - Econ _ LIEF

Reece is planning to save money for his college fund. Which type of account should he choose if he intends to hold the money for a longer amount of time?

• Savings

• Checking

• Credit Card

During a finance class, Luis is learning about card security. What are the 3 numbers on the back of credit and debit cards?

• Card number

• Expiration Date

• Security Code

• Account Balance

True or False: Even if Chase doesn't have money in his checking account, the transaction on his CREDIT card will still go through.

• True

• False

True or False: Brooklyn is considering taking out a loan for a new car. The higher Brooklyn's credit score is, (the better it is), the more likely Brooklyn will get a better loan with a lower interest rate.

• True

• False

True or False: When Tyra's father passed away, his outstanding debts were transferred to her.

• True

• False

Lucas's debit card is linked to his..

• Credit Card

• Checking account

• Investments

True or False: If Matt doesn't pay off his credit card in the first 30 days, (the grace period) he has to pay interest on it

• True

• False

At what age can Luis legally buy stocks on his own?

• 30

• 21

• 18

• 16

Trevor is considering opening a savings account. Which of the following is a reason that motivates him to do so?

• He can easily take money out of it using a debit card

• He can't transfer money out of it - only when he closes the account

• When he doesn't touch his account, his amount always doubles each year

• He can earn compound interest over time

When Chase deposits a check online or at the bank, he needs to...

• Sign the back of the check

• Write his ID number on the back

• Have the person who gave the check with him

• Draw a picture of Mrs. Lieffers on the back of the check