Exam (elaborations)
H&R Block Quiz 1 Questions and Answers 2024
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Exam of 3 pages for the course hr block at hr block (H&R Block Quiz 1)
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H&R Block Quiz 1Which is a difference between credit unions and consumer banks? - answer Credit
unions are not open to all members of the public.
Which is a drawback of virtual (internet only) banks? - answer Some financial
transactions can only be done in person, not virtually.
Which is an advantage to having an account at a consumer bank instead of a credit
union? - answer Consumer banks often offer more financial services than credit unions.
When opening a checking or share draft account, which would likely be the most
important consideration? - answer What types of fees are charged for maintaining and
using the account?
A person has $4000 to put into savings. Assuming all options were offered by the same
institution, which account is likely to offer the highest interest rate? - answer Certificate
of deposit -early payment penalty withdrawal (much higher interest)
Which account offers the most liquidity? - answerChecking account
Which is a good reason to use an Automated Clearing House (ACH) to pay a regularly
occurring bill such as a monthly utility bill or student loan payment? - answerHaving the
payment made automatically means the payment is less likely to be missed.
Which is true of overdraft protection (ODP)? - answerIt requires funds to be available
from a linked account.
Which would be a debit and reduce your bank account? - answerOverdraft fees
Many employers offer employees direct deposit of their paychecks and encourage them
to do so. Should you have your check direct deposited if you have the choice? -
answerYes, it is more convenient and you will have access to your money the day
deposited.
Why is it advantageous to fill out the Budget and Cash Flow spreadsheet at the start of
the simulation? - answer401(k) contributions reduce the federal tax owed.
What minimum balance must be maintained in the emergency fund in order to earn the
trophy? - answer$500
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