Hudspeth Personal Finance Savings and Banking

Taking more money out of your account than is available​ is called?

• Overdraw
• Deposit
• Withdraw
• Balance

Tags

CCSS.6.NS.C.7C

What is one difference between Banks and Credit Unions?

• Banks have Checking accounts and Credit Unions have Savings Accounts
• Banks are for profit.  Credit Unions are Non-profit.
• Banks can give loans and Credit Unions cannot
• Credit Unions allow everyone to join and Banks are selective

What is the amount of money required to be stay in an account?

• Maximum Balance
• Minimum Balance
• Minimum Deposit
• Maximum Deposit

Tags

CCSS.7.EE.B.3

also called a check card, allows you to make purchases by swiping your card through a point of sale(POS) terminal that is usually located at the merchant’s checkout counter

• debit card

• credit card

• ATM card

a check written for an amount greater than the balance of the account

• overdraft

• overspend

• fraud

What is the interest rate spread and why is it important?

• It is the difference between interest rates on loans and deposits and it is a way banks make money.

• It is the amount of interest a bank will charge you for the loan you take out divided by the total cost of the asset. It helps you determine if a loan is fair.

• It is the net result of all transactions within the banking structure within a given fiscal time period and it is used by banks and federal regulators to determine the fiduciary responsibility of the financial institution is being upheld to the standards of the law.

• I just wanted to see how long I could write on that last answer.

Harry wants to save money in a bank account. He decides to open a _______________ account with a five-year maturity date because it offers a _________________ than a savings account does.

• CD; higher interest rate

• checking; more ATM withdrawals

• money market; a lower maturity period

An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.

• Money Market

• Checking

• Savings

• ATM

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Putting money into an account is known as _______________.

• Sinking

• Placing

• Withdrawing

• Depositing

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Why is opening a bank account a smart way to save money?

• You can earn interest on money you place in a savings account

• You can cash checks without paying a fee to a currency exchange.

• You can make sure your money is safe from theft.

• All of the above,