Day 4 Money Tree

What are the benefits of banking?

• Safety

• Interest

• Convenience

• All three

When you open a term-deposit account, which tenor offers the highest interest rate?

• 1 month

• 12 months

• 6 months

• 9 months

How can a bank make profit?

• Lend money to borrowers and earn interest

• Pay interest to savers

• Lend money to savers and earn interest

• Lend money to borrowers and pay interest to savers

There are ...... types of bank accounts.

• 2

• 3

• 4

• 5

Which account has a higher interest rate?

• Checking account

• Savings account

Which account requires a higher deposit?

• Term deposit account

• Certificate of deposit

Which account has ATM access?

• Checking account

• Savings account

• Term deposit account

• Certificate of deposit

How can we pay for stuff?

• Cash, card, cheque, borrowing

• Cash, cheque, borrowing

• Cash, credit card, cheque, borrowing

• Cash, debit card

Which statement is FALSE?

• Credit cards are used to purchase goods and services.

• Credit cards take money from your checking account when used to pay

  for purchases

• Credit cards are subject to interest charges if not paid in full each month

Which card(s) may have fees associated with them?

• Credit cards

• Debit cards

• Credit cards and Debit cards