Three of these statements best describe a checking account. Which statement best describes a savings account?

This account pays you interest on money you have put away for later to help your money grow

This account offers a convenient way to pay bills and access cash from an ATM

This account is automatically debited when you use a debit card

This account typically allows an unlimited number of transactions per month

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

Aunt Tina and her family have high paying jobs and don’t worry much about money

Aunt Tina only receives paper paychecks instead of direct deposit

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

It is deducted directly from your checking account

Your credit card company covers the cost

Your credit card company provides you with a cash advance to cover the cost

It is deducted directly from your savings account

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Contact her bank immediately as it appears that her account may have been hacked

Wait until her monthly statement arrives so she can check to see if those withdrawals are still there

Wait a week as it is fairly common for the bank to catch mistakes like this

Check her wallet to be sure her debit card has not been stolen. If she still has it, then she should not worry.

Which of the following statements is an advantage of online banking?

Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

Using online banking allows you to earn a higher interest rate

You can only shop online if your bank account has online banking features

Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

Optional coverage consumers can purchase so that their bank deposits remain safe

Insurance bank branches can buy to protect their business against fraud and scams

Required if you want to do online or mobile banking

All of the following are downsides of being unbanked EXCEPT:

Lack of fees associated with banks

Difficulty making cashless purchases

Banking - Unit Test

Authored by Jillian Lawson

Social Studies

12th Grade

Used 12+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

Regular savings account

Money Market account

Checking account

Certificate of Deposit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an effective strategy for personal saving?

Wait until the end of the month and save whatever is left in your checking account

Save a certain percentage of each paycheck and deposit it directly into a savings account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following statements about bank accounts are true EXCEPT…

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails

Many banks pay interest on the money you deposit into your savings account

Historically, savings accounts earn higher returns than investments in the stock market

Money in a checking account is usually easy to access via ATM, debit card or check

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are true about prepaid cards EXCEPT…

Prepaid cards typically include a lot of fees

Prepaid cards are a useful option for someone who is unbanked to make online purchases

Prepaid cards are a great way to build credit

Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _________, 30% of your monthly income toward _, and 20% of your monthly income toward ________.

Needs, wants, savings

Savings, needs, wants

Needs, savings, wants

Wants, needs, savings

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which represents the BEST time to start saving for your retirement?

As soon as you have your first full-time job

Right after you pay off your student loans

Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

At age 45, so you have exactly 20 years until retirement

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.

Days

Weeks

Months

Years

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Banking - Unit Test

Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

Which of the following is an effective strategy for personal saving?

All of the following statements about bank accounts are true EXCEPT…

All of the following are true about prepaid cards EXCEPT…

Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.

Which represents the BEST time to start saving for your retirement?

Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.

Three of these statements best describe a checking account. Which statement best describes a savings account?

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Social Studies

Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _________, 30% of your monthly income toward _, and 20% of your monthly income toward ________.