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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
True
B
False
3) A fully-funded emergency fund is 3-6 months worth of expenses
A
False
B
True
4) You save for 3 basic reasons: emergency funds, purchases, and vacations.
A
False
B
True
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
True
B
False
7) The bank will charge a fee for overdrafts on your account
A
True
B
False
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
True
B
False
10) 70% of Americans live paycheck to paycheck and have no savings
A
True
B
False
11) At your age, an emergency fund should have
A
$100
B
$2000
C
$500
D
$5000
12) If your monthly expenses were $3,000, your fully funded emergency fund should be
A
$9,000-$18,000
B
$6,000-$9,000
C
$3,000-$9,000
D
$3,000-$6,000
13) Instead of borrowing money for purchases, you should set money aside in a ___ over time and pay with cash
A
credit card
B
sinking fund
C
emergency fund
D
money market account
14) The saving habits of Ben and Arthur (video) best illustrate which principle of saving? *
A
length of time money is invested matters
B
initial investment is key
C
none of these
D
rate of return matters
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 your emergency fund savings can earn a lot of interest
B
so that you do not get your spending and saving money confused
C
so that it is clear what money is only to be used for emergencies
D
so that it is not too easy to access
16) What does it mean to have a negative savings rate?
A
having no savings at all
B
spending more money than you make and acquiring debt
C
having a fully funded emergency fund
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
bounced check fee from the store
C
stress from money mismanagement
D
all the answers
18) Which of the following account records would have the most current balance
A
your monthly bank statement
B
all of the answers
C
your own account register
D
account balance statement from the ATM
19) Which of these services is NOT typically offered by a bank?
A
loans
B
all of these are typically offered by a bank
C
credit cards
D
debit cards
20) When you want to make a large purchase, how should you pay for it?
A
you should not make large purchases, you should be saving instead
B
with your sinking fund
C
with a credit card
D
with your emergency fund
*select an answer for all questions
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