Day 27: Review Quiz #3 and #4

• • What is compounding?
  • What is a 401(k)?
  • How much can you put into a 401(k) each year?
  • What are the main benefits of a 401(k)?
  • What is an IRA?
  • What is the maximum you can put in an IRA each year?
  • How is a Roth account different from a conventional retirement account?
  • Explain how the rule of 72 works:
• What is ODP (Overdraft Protection)?
• What is NSF (non-sufficient funds)?
• What does a budget help you do?
• What is Cash Flow?
• List and describe different types of bank accounts:
• What does liquid mean in banking?
• List different ways to pay for items using a checking account: (checks, debit cards, automatic payments like ACH or EFT)