Banking test
all of the following are true about prepaid cards EXCEPT:
a-prepaid cards typically include a lot of fees
b-prepaid cards are a useful option for someone who is unbanked to make online purchases
c-prepaid cards are a great way to build credit
d-prepaid cards are usually accepted anywhere that debit and credit cards are accepted
ANSWER c-prepaid cards are a great way to build credit
you are developing a savings plan and using short-, medium-, and long term goals to motivate
you. Which represents possible possible goals from short term to long term ?
a-retirement, a house down payment, college tuition
b-a new cell phone, college tuition, a house down payment
c-a new cell phone, dinner with friends this weekend, a new bike
d-retirement, college tuition, a vacation
ANSWER b-a new cell phone, college tuition, a house down payment
Juan saved $1000 from his summer job cleaning pools. Which of these account types would
work best for him i he doesn't need access to the money for a number of years and wants to
earn the highest interest rate?
ANSWER certificate of deposit
Monthly income should be separated as- 50% should go to ____, 30% should go to ____, and
20% should go to ____
ANSWER needs, wants, and savings
which represents the best time to start saving for your retirement?
ANSWER As soon as you have your first full time job.
all of the following are true about prepaid cards EXCEPT:
a-prepaid cards typically include a lot of fees
b-prepaid cards are a useful option for someone who is unbanked to make online purchases
c-prepaid cards are a great way to build credit
d-prepaid cards are usually accepted anywhere that debit and credit cards are accepted
ANSWER c-prepaid cards are a great way to build credit
you are developing a savings plan and using short-, medium-, and long term goals to motivate
you. Which represents possible possible goals from short term to long term ?
a-retirement, a house down payment, college tuition
b-a new cell phone, college tuition, a house down payment
c-a new cell phone, dinner with friends this weekend, a new bike
d-retirement, college tuition, a vacation
ANSWER b-a new cell phone, college tuition, a house down payment
Juan saved $1000 from his summer job cleaning pools. Which of these account types would
work best for him i he doesn't need access to the money for a number of years and wants to
earn the highest interest rate?
ANSWER certificate of deposit
Monthly income should be separated as- 50% should go to ____, 30% should go to ____, and
20% should go to ____
ANSWER needs, wants, and savings
which represents the best time to start saving for your retirement?
ANSWER As soon as you have your first full time job.
