Savings Everfi: Question Preview (ID: 21046)

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When it comes to saving money, what is a good rule of thumb?
a) Keep most of your savings in your checking account
b) Put aside money for savings each month
c) Choose the savings account with the lowest interest rate
d) Putting anything you can’t afford on your credit card

The purpose of a budget is to:
a) help you plan how you will spend the money you earn or receive
b) stop you from spending too much money
c) increase the balance of your savings account
d) tell you how much you owe the government in taxes

Which of the following savings vehicles usually requires a high minimum balance?
a) Simple savings account
b) Certificate of Deposit (CD)
c) Checking account
d) All of the above

Which of the following accounts will give you the LEAST access to your money
a) Simple savings account
b) Certificate of Deposit (CD)
c) Checking account
d) cash

Which of the following is generally true about savings vehicles?
a) Savings vehicles are only useful for long-­‐term investments
b) People should evaluate different forms of savings vehicles based on their needs
c) Savings vehicles are never insured
d) All of the above

Which of the following is a type of savings vehicle?
a) Certificate of Deposit
b) Money Market Account
c) Checking Account
d) Both A B

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money?
a) Compounding 1 time a year
b) Compounding 4 times a year
c) Compounding monthly
d) Compounding daily

John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions would enable him to earn MORE interest
a) Selecting an account with a high interest rate
b) Leaving his money in the account for long period of time
c) Transferring money into his checking account each month
d) Both A B

To earn as much interest as possible, you should open a savings account that earns _______ interest and has the ______ interest rate.
a) compound; lowest
b) compound; highest
c) simple; lowest
d) simple; highest

Interest is:
a) a charge for lending money to a bank
b) the amount owed for borrowing money
c) the amount added into your savings when opening a bank account
d) a charge for the convenience of accessing money stored in your bank account

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