Personal Finance Chapter 10 - Savings
10 Questions
| Attempts: 188
Learn more about personal finance by taking this interesting trivia!
Questions and Answers
- 1.Mutual savings banks are common throughout the U.S.
- A.
True
- B.
False
- 2.Money market accounts are subject to early withdrawal penalties
- A.
True
- B.
False
- 3.A certificate of deposit earns a fixed interest rate for a specified length of time.
- A.
True
- B.
False
- 4.Credit unions do not provide insurance for their depositors' savings.
- A.
True
- B.
False
- 5.You may be charged a service fee if you make more than a maximum number of withdrawals from your regular savings account in one month or if your balance falls below a certain minimum.
- A.
True
- B.
False
- 6.Which of the following is not a short-term need?
- A.
Unemployment
- B.
Weekend Trip
- C.
Retirement
- D.
Automobile Repair
- 7.A savings account at a credit union is called
- A.
Money Market Account
- B.
Savings Club
- C.
Share Account
- D.
CD
- 8.You will receive the greatest gain on your principal if interest is compounded
- A.
Quarterly
- B.
Daily
- C.
Monthly
- D.
Annually
- 9.A stockbroker works for which type of financial institution?
- A.
Savings and Loan
- B.
Savings Bank
- C.
Brokerage Firm
- D.
Commercial Bank
- 10.The date on which a CD is due is called the
- A.
Beginning date
- B.
Maturity Date
- C.
Redemption Date
- D.
Ending Date
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