Podcast
Questions and Answers
What is the recommended amount of your paycheck to put into savings?
What is the recommended amount of your paycheck to put into savings?
- 30%
- 20% (correct)
- 10%
- 40%
What is the purpose of an emergency fund?
What is the purpose of an emergency fund?
- To spend immediately
- To cover unexpected life events (correct)
- To save for a vacation
- To invest in stocks
What distinguishes credit unions from commercial banks?
What distinguishes credit unions from commercial banks?
- For-profit nature and low savings rates
- Online-only transactions
- Non-profit nature and high loan rates (correct)
- Convenient locations and limited services
How do online-only institutions differ from traditional banks?
How do online-only institutions differ from traditional banks?
What is the concept of 'pay yourself first' in money management?
What is the concept of 'pay yourself first' in money management?
Which type of depository institution aims to make a profit?
Which type of depository institution aims to make a profit?
What is the purpose of the FDIC and NCUA?
What is the purpose of the FDIC and NCUA?
What is the key characteristic of a savings account?
What is the key characteristic of a savings account?
What is the main difference between electronic payments and writing a check?
What is the main difference between electronic payments and writing a check?
What feature distinguishes Money Market Accounts (MMAs) from other accounts like savings accounts?
What feature distinguishes Money Market Accounts (MMAs) from other accounts like savings accounts?
What is the primary characteristic of a Certificate of Deposit (CD) compared to savings accounts?
What is the primary characteristic of a Certificate of Deposit (CD) compared to savings accounts?
What is the key motivation for individuals to invest in Certificates of Deposit (CDs) rather than traditional savings accounts?
What is the key motivation for individuals to invest in Certificates of Deposit (CDs) rather than traditional savings accounts?
