Banking Test |25 Questions| With Correct Answers.

If inflation is _____ your savings account interest rate will be ____ purchasing power. {Ans: higher than, losing}Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund? {Ans: 30 months}True or false: The majority of americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement. {Ans: True}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}which represents the best time to start saving for your retirement? {Ans: As soon as you have your first full time job.}You used your debit card to purchase groceries, where does