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Unit 10 Review Part 2
Test Description: Unit 10 Review Part 2
Instructions: Answer all questions to get your test result.
1) Which of the following typically insures credit unions in the United States?
A
The Federal Deposit Insurance Corporation (FDIC)
B
The National Credit Union Administration (NCUA)
C
The White House
D
The International Monetary Fund (IMF)
2) Why is using a bank, or a similar organization, a better choice than a check-cashing store or payday loan store most of the time?
A
Check-cashing stores and payday loan stores require you have account before cash a check or take out a loan, banks don't
B
The fees are typically much higher at a check-cashing store or payday loan store than a bank
C
All of the above
D
Banks are easier to find than check-cashing stores or payday loan stores.
3) The Federal Deposit Insurance Corporation (FDIC) was established
A
during the Vietnam War to compensate bank customers that lost funds that were used to support the war effort.
B
during the Great Depression as a way to build consumers' confidence in banks.
C
after the Revolutionary War to help the country pay back war debts.
D
after the dot-com bubble to bring more business to banks so they could make larger profits.
4) Which of the following is NOT a benefit of putting your money in a savings account?
A
Your money can make money by investing in stocks.
B
Your money can make money by earning interest.
C
Your money is available to you anytime you want.
D
Your money is safe.
5) What is a problem with putting your money in a money market account?
A
There are a limited amount of transactions that are allowed each month.
B
It requires a smaller minimum balance than a standard savings account.
C
It doesn't earn as much interest as a standard savings account.
D
All of the above
6) If you plan to use your money to pay expenses frequently, you will want to put it in a
A
checking account.
B
savings account.
C
money market account.
D
401(k).
7) Which of the following is a common way to access your money if you have a checking account?
A
Check
B
Withdrawal slip
C
Debit or ATM card
D
All of the above
8) Which of the following is TRUE of NOT having a bank account?
A
It is easier and cheaper to cash checks.
B
All of the above
C
Your money will be safer.
D
It is much harder to pay your monthly bills.
9) Why is filling out a signature card with a bank important?
A
It allows the bank to insure the money in your account.
B
It helps prove your identity.
C
It gives the bank automatic authorization to add people to your account.
D
It gives you free access to a direct deposit box.
10) These are bank employees that help customers manage their money on a day-to-day basis
A
FDIC officers
B
IRS auditors
C
Tellers
D
Lawyers
11) How much money would Matt have in 5 years if he deposited $100 into a savings account and his bank pays a 5% APY in simple interest on savings accounts (assuming he doesn't deposit or withdraw any money in that period)?
A
$105
B
$95
C
$150
D
$125
12) How much money would Matt have in 5 years if he deposited $100 into a savings account and his bank pays a 5% APY in compound interest on savings accounts (assuming he doesn't deposit or withdraw any money in that period)?
A
$127.63
B
$138.48
C
$200.00
D
$103.48
13) What is the principal amount of a savings account that will have $525 in it after it has accumulated simple interest of 1% APY for five years after it is created (assuming there are no additional deposits or withdrawals in that time period)?
A
$550
B
$500
C
$510
D
$475
14) If Susan deposited $1000 in an account that earns 6% APY in compound interest, how long would it take to double her money?
A
20 years
B
10 years
C
12 years
D
6 years
15) Why is time value of money important to savers?
A
It tells them that if they have an option to receive money now or later, then it is better to have the money now
B
It tells them that they should spend their money on nonessential items before essential items.
C
It tells them that if they have a choice between simple and compound interest for their savings accounts, choose simple
D
If tells them that if they have an option to receive money now or later, then it is better to have the money at a later date
*select an answer for all questions
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