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banking test Study Guide Questions and Correct Answers
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banking test Study Guide Questions and Correct Answers all of the following are true about prepaid cards EXCEPT: a-prepaid cards typically include a lot of fees b-prepaid cards are a useful option for someone who is unbanked to make online purchases c-prepaid cards are a great way to build cred...

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  • March 23, 2024
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • banking
  • test
  • study

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  • NU1426
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1). All of the following are true about prepaid cards except:
a-prepaid cards typically include a lot of fees
b-prepaid cards are a useful option for someone who is unbanked to make online purchases
c-prepaid cards are a great way to build credit
d-prepaid cards are usually accepted anywhere that debit and credit cards are accepted

 Ans: c-prepaid cards are a great way to build credit


2). You are developing a savings plan and using short-, medium-, and long term goals to
motivate you. which represents possible possible goals from short term to long term ?
a-retirement, a house down payment, college tuition
b-a new cell phone, college tuition, a house down payment
c-a new cell phone, dinner with friends this weekend, a new bike
d-retirement, college tuition, a vacation

 Ans: b-a new cell phone, college tuition, a house down payment


3). Juan saved $1000 from his summer job cleaning pools. which of these account types
would work best for him i he doesn't need access to the money for a number of years and
wants to earn the highest interest rate?

 Ans: certificate of deposit


4). Monthly income should be separated as- 50% should go to ____, 30% should go to ____, and
20% should go to ____

 Ans: needs, wants, and savings


5). Which represents the best time to start saving for your retirement?

 Ans: As soon as you have your first full time job.


6). True or false: the majority of americans do not have an adequate emergency fund or
sufficient amounts of money saved for retirement.

 Ans: True




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