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1. Fill in the blank: There are two different types of financial institutions: _______ , which conduct all of their business digitally, and _______ , which also have physical storefronts.
Online; Traditional Blockchain; Physical Online; Physical Blockchain; Traditional
2. True or False: Banks are nonprofit institutions, owned by its members, and focused on members' needs.
True False
3. True or False: Credit unions only offer membership to individuals in the armed services.
True False
4. Fill in the blank: _______ fees are charges collected by financial institutions to pay for services given to consumers.
Bank Late Assistance Service
5. Fill in the blank: A fee or expense that is charged to a customer for money that has been borrowed is called _______.
Loan Profit Interest Service fee
6. Which of the following bank account type should be used to accumulate money for emergencies and short-term goals?
Checking account Savings account Money market account None of the above
7. Which of the following bank account type is used primarily for day-to-day transactions?
Checking account Savings account Money market account None of the above
8. Which of the following bank account type may require a minimum balance, but may pay a higher interest rate than similar accounts and often includes debit card privileges?
Checking account Savings account Money market account None of the above
9. True or False: Bank savings accounts are liquid, meaning money can be withdrawn and deposited at any time.
True False
10. Fill in the blank: Spending more money than is in your account leads to being _______, which is having a negative balance in your account.
Overdrawn Overspent Stressed Withheld
11. Which of the following is the correct percentage breakdown for the 50/30/20 rule?
50% wants, 30% needs, 20% financial goals 50% financial goals, 30% wants, 20% needs 50% needs, 30% wants, 20% financial goals 50% needs, 30% financial goals, 20% wants
12. Which of the following is an example of an expense that would be considered a need?
Rent Groceries Insurance All of the above
13. True or False: With zero-based budgeting, the goal at the end of every month is to allocate money so that income and expenses cancel each other out, leaving a balance of zero.
True False
14. Fill in the blank: When implementing envelope budgeting, when the envelope is empty, you _______.
Borrow from another envelope Stop spending in that category Borrow money from a friend Take money from a savings account
15. Which of the following must be done to your financial accounts to help keep your budget in check?
Consistently check all accounts Set-up your accounts and forget them Rely solely on your monthly statements None of the above