A review of savings and budgeting concepts for Eastside Prep Personal Finance course. Good luck!
$1
$5
$6
$25
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$200,000
$500,000
$800,000
$5,000,000
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When prices increase as time goes by
The money you pay as a fee when you use a debit card
The money that a bank pays you for depositing your money in their bank
Total amount of money in a bank
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Money Market Savings Account
Certificate of Deposit (CD)
Simple Savings Account
None of the above
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An account with 10% annual interest rate and $5/month in fees
An account with 2% annual interest rate and no fees
The two deals listed above are equivalent
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$500
$250,000
$1,000,000
$5,000,0000
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$80
$3,000
$3,200
$4,000
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True
False
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Interest Rate
Term
Fees
Minimum balance
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It is bad for savers and borrowers
It is good for savers and bad for borrowers
It is bad for borrowers and good for savers
It is good for borrowers and bad for savers
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6 years
8 years
12 years
18 years
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True
False
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$30
$15
$507.50
$530.00
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Money received as birthday gifts from relatives
Money spent on school supplies
Money spent to go to the movies
Money earned from a part-time job
Allowance
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Food
Medicine
Housing
Car
Utilities
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State issued ID (Driver's license or State ID)
Evidence of a Job
Your Social Security number
If under 18, you must have a guardian sign with you
A deposit to open the account
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Increase your income and expenses by the same amount
Increase your income by an amount greater than your deficit
Increase your expenses by an amount greater than your deficit
Increase the spending on your wants
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True
False
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Bank A
Bank B
Bank A and Bank B are the same
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1.5%
2%
3%
6%
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Savings accounts have low interest rates today
Bank managers are usually straightforward in describing their savings products
When pressured to sign an application to open an account (or buy a financial product), it is best to ask for time to review the materials and to walk away.
It is best not to ask questions but to just let the bank manager describe their savings products.
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College you graduated from
Performance at college (activities, GPA, leadership)
College major (e.g., business, psychology, etc.)
Summer internships
All of the above
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Was an example of a brand-building commercial to get consumers committed to the VISA brand.
Told the story of an Olympic athlete who suffered an injury during his sprint event.
Provided information about the interest rate on VISA credit cards.
A and B only
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The savings rate is high enough that most people can retire by the age of 50.
People in the US generally save too much.
With the high interest rates on savings accounts today, the savings rate is extremely high.
The savings rate is typically below 10% in the US and today stands at about 3.5%, which will make it difficult for most people to save enough for retirement.
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His gross pay is $2,500 and net pay is $3,000
His gross pay is $3,000 and net pay is $2,500
His gross and net pay are $3,000
His net pay and gross pay are $2,500
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Set aside money for Savings FIRST
Be sure that your WANTS are met first before you set aside money for your NEEDS.
Keep your expenses less than your income so that your budget will be in surplus.
Be sure to compare your budget plan with your actual spending so that you can determine if you are staying within your budget.
A, C and D only
All of the above
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True
False
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Per day basis
Per month basis
Per six month basis
Per year basis
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Comparing products based on the factors you think are most important
Doing research to learn more about each of the products
Figuring out what factors are most important in making the decision
Making a decision based only on what your friend recommends
A, B and C only
All of the above
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True
False
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It can be a good idea since it will ensure your bills are paid on time and help you avoid late fees.
It can be dangerous if you carry low balances in your account since it could lead to a "bounced" payment if there is not enough money in your account.
It is too complicated and should be avoided at all costs.
Both A and B
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You will be charged fees by the bank for "bouncing a check."
It can have a negative impact on your credit score.
You may be charged fees by the business receiving the "bounced check" since it will often lead to your payment being late.
All of the above
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True
False
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