Personal Finance: Banking Basics

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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?


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