Banking Review

What is a bank?

• A business where you can shop

• An institution that prints money

• A financial institution that protects your money until you need it

• A container for money

Which of the following is an advantage of having a checking account?

• You have a permanent record of transactions

• You can earn interest on your money

• You don't have to carry large sums of cash

• All of the above

What is a savings account?

• An account that lets you shop without cash

• An account that gives you money to buy what you want

• An account that keeps your money safe and earns money for you

• An account that buys from the stock market

How do you open a bank account?

• Call to tell the bank you want an account

• Fill out an application

• Mail your money to a bank

• Fill out a withdrawal slip

What is the term for putting money into an account?

• Investment

• Interest

• Deposit

• Withdrawal

What is the term for any activity on a checking or savings account?

• Credit

• Transaction

• Account

• Register

Which of the following is a reason for the bank to file a service charge?

• Too little money

• Too many transactions

• Overdrawing your account

• All of the above

What is the money paid to you by the bank for keeping money in a checking or savings account called?

• Credit

• Commodities

• Interest

• Loans

Which of the following interest rates is the best one to have on your savings account?

• 6.00%

• 5.75%

• 5.50%

• 5.25%

What type of account can have more than one person use it?

• Two party account

• Joint account

• Combination account

• Double account