D/S Unit 1 Test Review: Question Preview (ID: 26321)

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