Which savings account will earn you the least money?

One that earns simple interest monthly.

One that compounds interest daily.

One that earns simple interest daily.

One that compounds interest monthly.

Which savings account will earn you the most money?

One that compounds interest daily.

One that compounds interest monthly.

One that earns simple interest daily.

One that earns simple interest monthly.

Why is it important to reconcile your bank statements?

To avoid spending more than what is in your account.

To detect any errors in your account.

To determine if you were charged any fees.

How can you avoid spending more than what is in your bank account?

Keep your own records to compare with your financial institution's records.

Check your bank statement once a month.

Ask your financial institution to notify you when you are close to $0 in your account.

How would you reconcile your bank account to avoid spending more than you have?

Review your bank statement once at the end of the month.

Contact your financial institution to read your transactions for the past month.

Compare your own records of your spending with your financial institution's records.

What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

Ask someone nearby for help using the ATM.

Find a hidden ATM so no one will see you withdraw money.

Share your pin number with trusted friends so you don't forget it.

What should you do before you approach an ATM?

Check for any suspicious people lurking nearby.

Make sure it is hidden so no one will see you withdraw money.

Ask someone nearby for help using the ATM.

Share a picture of your debit card with your friends.

What should you do before you use an ATM?

Inspect the ATM and its surroundings to make sure it is safe to use.

Ask someone nearby for help using the ATM.

Share your pin number with trusted friends so you don't forget it.

Memorize your debit card number because you'll need to type it in at the ATM.

Which of the following statements about savings accounts is FALSE?

Savings accounts allow an unlimited amount of withdrawals each month.

Savings accounts pay interest on the money you deposit.

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually require a minimum balance.

Savings accounts pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements is TRUE?

If there is a mistake on your bank account, you should contact your financial institution immediately.

If there is a mistake on one of your bank accounts, there is nothing you can do about it.

If there is a mistake on one of your bank accounts, you should wait 30 days as these issues tend to resolve themselves.

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

No one, you can't resolve the issue

Which of the following statements about investing is TRUE?

Investing is riskier than putting money in a savings accounts.

On average, putting money in a savings account earns a higher return than investing money in the stock market.

Investing is best for short-term financial goals.

Investing is a guaranteed way to make money.

Investing is best for ________.

long-term financial goals, like paying for retirement.

short-term financial goals, like building an emergency fund.

earning a little interest while keeping your money safe.

guaranteed fast growth on your money.

Which of the following statements about investing is FALSE?

Investing is a guaranteed way to grow your money.

Investing is riskier than putting money in a savings account.

Investing is best for long-term financial goals, like paying for retirement.

On average, investing money in the stock market earns a higher return than putting money in a savings account.

A share of ownership in a company.

A type of debt investment that acts like a loan.

A type of investment that invests in a mix of different types of investments.

A type of savings account that pays interest based on current interest rates in the money market.

A mutual fund is _________.

A type of investment that invests in a mix of different types of investments.

A type of debt investment that acts like a loan.

A share of ownership in a company.

A type of savings account that pays interest based on current interest rates in the money market.

Which of the following statements about stocks is TRUE?

A stock is a share of ownership in a company.

A stock is a type of debt investment that acts like a loan.

A stock is a type of investment that invests in a mix of different types of investments.

A stock is a type of savings account that pays interest based on current interest rates in the money market.

W!se Review - Banking

Authored by Danielle Colassard

Business

9th - 12th Grade

Used 63+ times

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32 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a common feature of a financial institution?

Access to investment products

Paper checks

Access to ATMS

Direct deposit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a common feature of a financial institution?

Access to ATMs

Investment trading

Direct deposit

Debit cards

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a common feature of a financial institution?

Direct deposit

Paper checks

Access to investment advice

Checking and savings accounts

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about check cashing companies is TRUE?

They have limited operating hours during the day.

They sometimes offer free services.

They charge high fees.

They delay when you can access your cash.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following financial institutions typically have the highest fees?

Check cashing and payday loan companies

Credit unions

Brick-and-mortar banks

Internet banks

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about check cashing companies is FALSE?

They offer bad deals where you'll owe a lot more than you borrowed.

They charge low fees.

They can take a percentage of your check on top of fees.

They make it easy to fall into a loan cycle that is hard to get out of.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of bank account typically offers the least (if any) interest?

Certificate of deposit

Money market account

Savings account

Checking account

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W!se Review - Banking

Which of the following is NOT a common feature of a financial institution?

Which of the following is NOT a common feature of a financial institution?

Which of the following is NOT a common feature of a financial institution?

Which of the following statements about check cashing companies is TRUE?

Which of the following financial institutions typically have the highest fees?

Which of the following statements about check cashing companies is FALSE?

Which type of bank account typically offers the least (if any) interest?

Savings accounts typically offer more interest than what type of account?

Which type of bank account is best for everyday transactions?

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

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