Employees Prefer Direct Deposits Because

Question: If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:

Answer: U.S. Treasury Department

Question: What action should a person take who must make a tuition payment at the end of August each year?

Answer: Decide how much money will be needed and then place 1/12th of that amount in a separate account each month.

Question: The phrase used for putting money into a checking or savings account is:

Answer: Making a deposit

Question: How can individuals be prepared for losing their job or having a large medical expense?

Answer: Save at least 3 months of income

Question: The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she write as long as:

Answer: There is enough money in her account to cover the amount of the checks

Question: You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?

Answer: 3 to 7 days later, depending on your bank’s check clearance policy

Question: Consumer finance companies, which are often advertised on TV, are also known as:

Answer: Small loan companies

Question: Frankie’s savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him?

Answer: Savings account interest is taxable

Question: The term used to describe the ease and speed with which you can convert savings or an investment to cash is:

Answer: Liquidity

Question: Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:

Answer: Rent a safe deposit box for their valuables