Checking vs Savings Accounts

Checking vs Savings Accounts

Assessment

Flashcard

Other

12th Grade

Practice Problem

Hard

Created by

Wayground Content

Used 1+ times

FREE Resource

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9 questions

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1.

FLASHCARD QUESTION

Front

What is the primary benefit of a checking account?

Back

Provides access to money for everyday needs

2.

FLASHCARD QUESTION

Front

What is the primary benefit of a savings account?

Back

Allows for long-term savings

3.

FLASHCARD QUESTION

Front

What is the main difference between checking and savings accounts?

Back

Savings accounts pay interest on balances.

4.

FLASHCARD QUESTION

Front

What can you do with a checking account?

Back

Make payments, withdrawals, and transfers.

5.

FLASHCARD QUESTION

Front

Do checking accounts come with any fees?

Back

Yes, they may have overdraft, ATM, and monthly maintenance fees

6.

FLASHCARD QUESTION

Front

What are the limitations of a savings account?

Back

Relatively lower interest rates and limited withdrawals

7.

FLASHCARD QUESTION

Front

Should you have both checking and savings accounts?

Back

Yes, because they serve different purposes

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