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D/S Unit 1 Test Review
Test Description: Banking Saving Test Review
Instructions: Answer all questions to get your test result.
1) When you are in high school, you won't ever need an emergency fund
A
True
B
False
2) Your emergency fund should be kept in the same place as your spending money.
A
False
B
True
3) A fully-funded emergency fund is 3-6 months worth of expenses
A
True
B
False
4) You save for 3 basic reasons: emergency funds, purchases, and vacations.
A
True
B
False
5) Americans have a negative savings rate which means they spend more than they save
A
True
B
False
6) Your emergency fund is considered an investment
A
False
B
True
7) The bank will charge a fee for overdrafts on your account
A
False
B
True
8) Your bank statement balance will always match your check register balance.
A
True
B
False
9) Credit Unions are similar to banks, except they pay dividends to their members if there is extra profit.
A
False
B
True
10) 70% of Americans live paycheck to paycheck and have no savings
A
False
B
True
11) At your age, an emergency fund should have
A
$5000
B
$100
C
$500
D
$2000
12) If your monthly expenses were $3,000, your fully funded emergency fund should be
A
$9,000-$18,000
B
$3,000-$6,000
C
$6,000-$9,000
D
$3,000-$9,000
13) Instead of borrowing money for purchases, you should set money aside in a ___ over time and pay with cash
A
credit card
B
money market account
C
sinking fund
D
emergency fund
14) The saving habits of Ben and Arthur (video) best illustrate which principle of saving? *
A
rate of return matters
B
length of time money is invested matters
C
none of these
D
initial investment is key
15) Which of the following is NOT a reason your emergency fund should be kept in a separate account away from your spending money?
A
so that you do not get your spending and saving money confused
B
so that it is not too easy to access
C
so your emergency fund savings can earn a lot of interest
D
so that it is clear what money is only to be used for emergencies
16) What does it mean to have a negative savings rate?
A
having no savings at all
B
having a fully funded emergency fund
C
spending more money than you make and acquiring debt
D
saving for something that is a want instead of a need
17) Which of the following is a consequence of overdrawing our checking account?
A
overdraft fee from the bank
B
stress from money mismanagement
C
all the answers
D
bounced check fee from the store
18) Which of the following account records would have the most current balance
A
your own account register
B
your monthly bank statement
C
account balance statement from the ATM
D
all of the answers
19) Which of these services is NOT typically offered by a bank?
A
debit cards
B
credit cards
C
all of these are typically offered by a bank
D
loans
20) When you want to make a large purchase, how should you pay for it?
A
with a credit card
B
with your emergency fund
C
with your sinking fund
D
you should not make large purchases, you should be saving instead
*select an answer for all questions
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