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Money Basics: Savings and Checking Accounts Guide

Understand the basics of savings and checking accounts, the importance of managing money well, the benefits of banks, credit card essentials, and smart financial practices.

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Money Basics: Savings and Checking Accounts Guide

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  1. Money Basics Savings Accounts Checking Accounts Credit Credit Cards 1pt 1 pt 1 pt 1pt 1 pt 2 pt 2 pt 2pt 2pt 2 pt 3 pt 3 pt 3 pt 3 pt 3 pt 4 pt 5 pt 4pt 4 pt 4pt 5pt 5 pt 5 pt 5 pt

  2. Anything of value owned by a person or company is known as…

  3. Asset

  4. When an employer pays you directly in to your banking account, this process is known as…

  5. Direct Deposit

  6. Which of the following is NOT a benefit of using a bank: A. Safety B. Knowledge C. Savings D. Convenience E. None of the Above (all are benefits)

  7. E. None of the above

  8. Fill in the blank • is the annual rate at which money loses its value

  9. Inflation

  10. What is the relationship between your life goals and a bank? .

  11. Knowing how to use banks well and manage your money well will help you achieve your life goals

  12. This account is used for long term storage of money, not used for daily spending

  13. Savings Account

  14. All savings account have an APY attached…what does APY stand for and what does this mean for the money in your account?

  15. APY – Annual Percentage Yield Means money in your account earns interest.

  16. Why should you always keep a good chunk of money in your savings account?

  17. In case of emergencies OR For large purchases

  18. What is the danger of keeping all your saved money in savings over the long term??? What should you do to avoid this?

  19. APY Doesn’t keep up with inflation, money will lose value Invest

  20. What are the two ways you can spend money from your checking account without taking out cash?

  21. Checks Debit Card

  22. What do you need to do before you deposit a check you received in to the bank?

  23. Endorse it

  24. Why do all debit cards now have an EMV chip?

  25. Makes stealing your account more difficult

  26. Name the 2 parts of this check 9 10

  27. 9. Routing Number 10. Bank Number

  28. What are two ways you can ensure you don’t overdraft your checking? • What can you do to ensure you don’t get a fee if you overdraft?

  29. Monitor account or track your account regularly *Transaction Register, Mobile Banking App • Overdraft Protection

  30. What does APR stand for and how would you define it?

  31. Annual Percentage Rate – Rate of interest applied to your credit card or loan

  32. What negative effects does having bad credit have on you? Name at least 2… e

  33. Can’t get loans Can’t open new accounts APR rates are higher in the futur

  34. True or False – your ability to get a loan can be denied based on how long you’ve had a job?

  35. True – holding a job down for a long period of time proves that you are responsible

  36. Which of the following is NOT a way you can build credit from scratch: • Co – Sign a Loan • Use Pre-Paid Cards from the Grocery Store • Set up a secure line of credit • Put your name on utilities and pay them on time

  37. B

  38. Where is the only place your can get your true credit score? What is that score called?

  39. www.annualcreditreport.com FICO Credit Score

  40. True or False: You can decide your APR and limit on your credit card

  41. False – can pick the best credit card for you, but APR and limit is based on a number of factors such as how much money you make, your credit score, etc…

  42. What is the difference between a fixed and variable APR?

  43. Fixed – charged the same rate, never changes Variable – rate can change month to month

  44. Why is it bad to rely on minimum payment for your credit cards?

  45. Puts you in the credit trap. End up paying large amount of interest and very little on the principal, extending the time it takes to pay off an item

  46. How is APR applied to daily purchases?

  47. Charged your APR/365 days of the year

  48. What is revolving credit?

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