Personal Finance- Modules 1 – 4

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If you want to earn as much as possible, you open a savings account that earns ___________ interest and has the ______________ interest rate.

Compound; highest


The amount owed for borrowing money

What is generally true about savings vehicles?

People should evaluate different forms of savings vehicles based on their needs

Which account gives you the least access to your money?

Certificate of Deposit (CD)

What is the purpose of a budget?

To help you plan how you will spend the money you earn or receive

Which savings vehicles usually requires a high minimum balance?

Certificate of Deposit (CD)

Two examples of savings vehicles

Certificate of Deposit & Money Market Account

Rule of thumb for saving money

Putting aside money for savings each month

compounding frequency that will earn you the most money

Daily Compounding

Financial Institution the typically comes has membership requirements

Credit Union

Most liquid type of account

Checking account

Which of the following is NOT one of the responsibilities of the Federal Reserve?

A) maintaining a stable banking system
B) Establishing Federal budget
C) Setting nation’s monetary policy
D) Supervising reserve banks

B) Establishing federal budget . . . Is NOT one of the responsibilities of the Federal Reserve

LEAST important part of check

Memo line

Which type of account typically has the highest interest rate?

Certificate of Deposit (CD)

Typical Account Fees

ATM fee, Minim,um balance fee, service fee, etc.

Highest fee

Overdraft fee

Fill in the blank:

Savings accounts usually offer ______________ interest rates than checking accounts. It is ______________ to access your money in a savings account than in a checking account.

Higher; harder

Three parts of Federal Reserve

Reserve Banks, Federal Open Market Committee(FOMC) and Board of governors

Primary Responsibility of Federal Reserve Bank

Establish Monetary Policy

Credit card balance

The amount of money you still owe to the credit card company.

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