Personal Finance: Banking Basics
Investing is a guaranteed way to grow your money
Which of the following statements about investing is FALSE?
stock
A -- is a share of ownership in a company.
true
A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.
False
True or False? Your financial institution can't help you if there is a mistake on your bank account statement.
Inspect the ATM and its surroundings to make sure it is safe to use
What should you do before you use an ATM?
If there is a mistake on your bank account, you should contact your financial institution immediately
Which of the follow statements is TRUE? (about bank accounts)
check cashing and payday loan companies
Which of the following financial institutions typically have the highest fees?
Investment trading
Which of the following is NOT a common feature of a financial institution?
access to investment products
Which of the following is NOT a common feature of a financial institution?
investing is a guaranteed way to grow your money
Which of the following statements about investing is FALSE?
savings accounts allow an unlimited amount of withdrawals each month
Which of the following statements about savings accounts is false?
One that earns simple interest monthly
Which savings account will earn you the least money?
checking account
Which type of bank account is best for everyday transactions.
checking account
Which type of bank account typically offers the least (if any) interest?
all of the above
Why is it important to reconcile your bank statements?
