Basics Beginner: Making the Most of Your Paycheck

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.
Choose wisely. There is only one correct answer.
More. Size generally enables an institution to offer more products and services.
2.
If you choose direct deposit for your paycheck, your pay will be deposited automatically in your bank account whether you are at work on payday or not.
Choose wisely. There is only one correct answer.
True. Your pay will be directly deposited every payday in your bank account whether you are at work or not.
3.
The concept of paying yourself first involves setting aside money from your paycheck _______.
Choose wisely. There is only one correct answer.
Before you pay your other expenses.
4.
If you have a short-term financial emergency, what is a relatively low-cost way to obtain a loan?
Choose wisely. There is only one correct answer.
Emergency credit union loan. Many credit unions offer relatively low-interest short-term loans that can help tide you over a short-term financial emergency.
5.
Some states do not levy income taxes.
Choose wisely. There is only one correct answer.
True. There are some states that do not.
6.
A flexible spending account allows you to save money on a(n) _______ basis to pay certain types of bills.
Choose wisely. There is only one correct answer.
Pre-tax. A flexible spending account allows you to pay certain expenses on a pre-tax basis.