Bank Account Requirements Flashcard

Front

Which of the following is not absolutely necessary for opening a bank account?
Piece of mail,
An ID,
Money,
Social security

Back

Social security

Front

Which of the following is not a bank you will most likely use?
commercial,
private,
Merchant bank,
Credit union

Back

Merchant bank

Front

Which of the following saving accounts might I get if I need to save for a house? traditional, Money market, High yield savings, Certificate of deposit

Back

High yield savings

Front

Which of the following is not a helpful money management tool? Budget expense sheet, Credit karma, Financial management application, A piggy bank/mattress

Back

A piggy bank/mattress

Front

How old can you be to open a savings or checking account?

Back

13 with a guardian

Front

An account that allows customers to deposit money and write checks or use debit cards from the account

Back

Checking Account

Front

Mitchell just got his first job and moved out of his parents home. He has never had a bank account before and doesn't know what kind of account to open. What would you recommend to Mitchell?

Back

Open a checking account and a savings account. A checking account will be helpful to pay bills and rent, while the savings account will earn some interest.

Front

What is a good strategy to help you save?

Back

Pay yourself first - set aside money for savings each month

Front

How often should you review your budget?

Back

Monthly

Front

What is the primary purpose of creating a budget?

Back

To plan for future expenses and savings