Interest
the amount owed for borrowing money
To earn as much interest as possible, you should open a savings account that earns _____ interest and has the ____ interest rate
compound; highest
You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
Compounding daily
Which is a type of savings vehicle?
Certificate of Deposit and Money market account
Which is generally true about savings vehicles?
people should evaluate different forms of savings vehicles based on their needs
Which savings vehicles usually require a high minimum balance?
Certificate of Deposit (CD)
Which account will give you the LEAST access to your money ?
Certificate of Deposit (CD)
The purpose of a budget is to:
help you plan how you will spend the money you earn or receive
When it comes to saving money, what is a good rule of thumb?
put aside money for savings each month
The 3 parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:
Board of Governors
Which is NOT one of the responsibilities of the Federal Reserve?
establishing the federal budget
Which is a unique feature of credit unions?
They are typically owned and run by their members and limit membership to certain people of groups
Which type of account is typically the MOST liquid?
checking account
Savings accounts usually offer ____ interest rates than checking accounts. It is ____ to access your money in a savings account than in a checking account.
Higher; harder
What part of a check is the LEAST important?
memo line
Which represent typical account fees?
ATM, Service, and Minimum balance fee
What’s the best strategy for avoiding ATM fees?
Only use ATMs in your bank’s network
What’s the purpose of balancing or monitoring your checking account?
To help you calculate how much money you have in your account
The best way to ensure the accuracy and safety of your accounts is to:
monitor your online accounts regularly
Which payment types require you to pay upfront?
Money order, cashier’s check, pre-paid card
Which statement comparing debit cards to credit cards is true?
debit cards allow you to draw funds directly from your checking account
Which payment method typically charges the highest interest rates?
Payday loans
What payment type can help you stick to a budget?
Debit cards
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