Personal Finance Review - A Question Preview (ID: 49462)


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Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do?
a) Apply for a debit card. That way she can use the card instead of cash to purchase the things she needs and the amount spent i
b) Apply for mobile banking. That way she can access her money with her smartphone to pay for the things she needs. The amount s
c) Apply for a credit card. That way she can use the card to purchase the things she needs and pay for it when the credit card s
d)

Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institut
a) Depository institutions have insurance protection. Depositors can have multiple accounts insured at the same depository insti
b) Information about depositors and their accounts is kept in secure data storage.
c) All money stored at a depository institution is kept safe at all times by numerous security measures.
d)

Dylan is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
a) A commercial bank, since his deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
b) A credit union, since his deposits would be insured by the National Credit Union Association (NCUA)
c) He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance
d)

Common fees that may be charged on savings or checking accounts include all except:
a) Late fees
b) ATM fees
c) Overdraft fees
d)

Which of the following is likely to have the least influence on an individual’s values?
a) Grade average
b) Family
c) Media
d)

Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:
a) Amber writes her goals down.
b) Amber lets her friends set her goals.
c) Amber thinks about her goals weekly.
d)

Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?
a) Mid‐term goal
b) Long‐term goal
c) Short‐term goal
d)

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?
a) Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nicely’.
b) Whitney has several pairs of jeans in her closet but found some that really fit her well at an excellent price when she and h
c) Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘pro
d)

Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?
a) Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had
b) Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that e
c) Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to te
d)

Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?
a) An activity he enjoys that makes him lose track of time
b) An activity that his teacher suggested to him
c) An activity that does not cost much money
d)

Which statement about our interactions with money is not considered to be true?
a) Your present self impacts your future self.
b) Investment increases risk and reduces your ability to cope with risk and uncertainty.
c) You are better off in a community than by yourself.
d)

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