Unit 2 Test - Finance Quiz

What type of savings account does this describe: Available at most banks & pay small amount of interest? a. Standard Savings Account b. Certificate of Deposit c. High-Yield Savings Account d. Money Market Account What type of Savings account does this describe: High-interest rates & Mostly...

What type of savings account does this describe: Available at most banks & pay small amount of interest? a. Standard Savings Account b. Certificate of Deposit c. High-Yield Savings Account d. Money Market Account What type of Savings account does this describe: High-interest rates & Mostly available at online banks  e. Standard Savings Account f. Certificate of Deposit g. High-Yield Savings Account h. Money Market Account What do you use savings accounts for? i. To pay bills j. To have money to spend k. To invest l. To save money for future goals Write the letter next to the correct definition m. Maintenance Fee n. Minimum Balance Fee o. Excess Transaction Fee p. Nonsufficient funds fee q. Wire transfer fee 5. What do you use checking accounts for? r. To save money for future goals s. Day to day spending t. Investments u. Retirement 6. What does this describe: designed for students & low minimum balance v. Student Checking w. Money Checking x. Traditional Checking y. Interest Checking 7. When do you enter your PIN Number? z. Writing a check a. Using debit card b. Paying with cash c. Logging into banking app 8. Write the Letter next to the correct fee d. Maintenance Fee e. Out of Network ATM Fee f. Overdraft Fee 9. What are three ways you get money out of a checking account? g. h. i. 10. What does APY stand for? j. Actual Perfect Yield k. Annual Percentage Yield l. Actual Percentage Yield m. Annual Personal Yield 11. What does this describe: calculated using the amount deposited and previously earned interest & amount will increase every time it is paid? n. Checking interest o. Special interest p. Simple interest q. Compound interest 12. What type of investment is this: investments in a single company & buying a small piece of a company? r. CDs s. Bonds t. Stocks u. Mutual Funds 13. What direction does a Bull Market Trend? v. Upward w. Downward 14. What direction does a Bear Market Trend? x. Upward y. Downward 15. What is the formula for simple interest? z. Rate = P \* I \* T a. Time = R\* I\* P b. Interest = P \* R \*T c. Principal = I \* R \* T 16. What definition matches the stock market? d. A marketplace where shares of publicly-held companies are bought and sold e. A place where only government bonds are traded f. A location where currencies are exchanged for goods g. A market where only commodities like oil and gold are traded 17. Match Investment Risk and Reward h. Certificate of Deposit i. Money Market Account j. Single Stocks k. Bonds l. Mutual Funds 18. Match Retirement Account m. 403(b) n. 457 plan o. IRA p. 401(k) \_\_\_\_ investing account offered to people to use for retirement \_\_\_\_ offered to local and state government officials \_\_\_\_ standard retirement account \_\_\_\_ offered by non-profits 19. Match the reason you save wit the scenario q. Save for emergency r. Save for large purchase s. Save for Wealth 20. Label the Debit Card A screenshot of a card Description automatically generated 1. 2. 3. 4. 5. 6.