Banking Test Questions and Answers Gaded A+
all of the following are true about prepaid cards True or false: The majority of americans do NOT
EXCEPT: have an adequate emergency fund or sufficient
a-prepaid cards typically include a lot of fees amounts of money saved for retirement. -
b-prepaid cards are a useful option for someone ANSWER -True
who is unbanked to make online purchases
c-prepaid cards are a great way to build credit
d-prepaid cards are usually accepted anywhere Experts recommend that you accumulate enough
that debit and credit cards are accepted - to cover 3-6 ______ of expenses in your
ANSWER -c-prepaid cards are a great way emergency fund. - ANSWER -Months
to build credit
True or false: Historically, savings accounts earn
you are developing a savings plan and using higher returns than investments in the stock
short-, medium-, and long term goals to motivate market - ANSWER -false
you. Which represents possible possible goals
from short term to long term ?
a-retirement, a house down payment, college What is the highest expected interest rate to
tuition lowest expected interest rate for savings options?
b-a new cell phone, college tuition, a house
- ANSWER -10-year CD, 5-year CD
down payment
Savings account at traditional bank.
c-a new cell phone, dinner with friends this
weekend, a new bike
d-retirement, college tuition, a vacation -
Personal saving strategy? - ANSWER -
ANSWER -b-a new cell phone, college
Save a certain percentage of each paycheck and
tuition, a house down payment
deposit it directly into a savings account
Juan saved $1000 from his summer job cleaning
What best describes a checking account ? -
pools. Which of these account types would work
best for him i he doesn't need access to the ANSWER -This account pays you interest
money for a number of years and wants to earn on money you have put away for later to help
your money grow.
the highest interest rate? - ANSWER -
certificate of deposit
What does "living paycheck to paycheck" mean ?
Monthly income should be separated as- 50% - ANSWER -No money is saved and
should go to ____, 30% should go to ____, and paychecks are just barely covering monthly
expenses
20% should go to ____ - ANSWER -needs,
wants, and savings
You used your debit card to purchase groceries,
where does the money for this purchase come
which represents the best time to start saving for
from? - ANSWER -it is deducted directly
your retirement? - ANSWER -As soon as
from your checking account
you have your first full time job.
1/2
all of the following are true about prepaid cards True or false: The majority of americans do NOT
EXCEPT: have an adequate emergency fund or sufficient
a-prepaid cards typically include a lot of fees amounts of money saved for retirement. -
b-prepaid cards are a useful option for someone ANSWER -True
who is unbanked to make online purchases
c-prepaid cards are a great way to build credit
d-prepaid cards are usually accepted anywhere Experts recommend that you accumulate enough
that debit and credit cards are accepted - to cover 3-6 ______ of expenses in your
ANSWER -c-prepaid cards are a great way emergency fund. - ANSWER -Months
to build credit
True or false: Historically, savings accounts earn
you are developing a savings plan and using higher returns than investments in the stock
short-, medium-, and long term goals to motivate market - ANSWER -false
you. Which represents possible possible goals
from short term to long term ?
a-retirement, a house down payment, college What is the highest expected interest rate to
tuition lowest expected interest rate for savings options?
b-a new cell phone, college tuition, a house
- ANSWER -10-year CD, 5-year CD
down payment
Savings account at traditional bank.
c-a new cell phone, dinner with friends this
weekend, a new bike
d-retirement, college tuition, a vacation -
Personal saving strategy? - ANSWER -
ANSWER -b-a new cell phone, college
Save a certain percentage of each paycheck and
tuition, a house down payment
deposit it directly into a savings account
Juan saved $1000 from his summer job cleaning
What best describes a checking account ? -
pools. Which of these account types would work
best for him i he doesn't need access to the ANSWER -This account pays you interest
money for a number of years and wants to earn on money you have put away for later to help
your money grow.
the highest interest rate? - ANSWER -
certificate of deposit
What does "living paycheck to paycheck" mean ?
Monthly income should be separated as- 50% - ANSWER -No money is saved and
should go to ____, 30% should go to ____, and paychecks are just barely covering monthly
expenses
20% should go to ____ - ANSWER -needs,
wants, and savings
You used your debit card to purchase groceries,
where does the money for this purchase come
which represents the best time to start saving for
from? - ANSWER -it is deducted directly
your retirement? - ANSWER -As soon as
from your checking account
you have your first full time job.
1/2
