PF: Chapter 8 Lesson 3 Your Bank Accounts

What is the purpose of a checking account?

• To lock your money for a specified amount of time

• To make spending and managing money safe and convenient

• To store your emergency fund

• To earn interest on your money

What is the main difference between a basic savings account and a money market account?

• Basic savings accounts have check writing capabilities

• Basic savings accounts offer higher interest rates

• Money market accounts have limited withdrawal options

• Money market accounts provide quick access to your money

What is the benefit of opening a certificate of deposit (CD)?

• Higher interest rates

• Online and mobile banking access

• Quick access to your money

• No penalty for early withdrawal

When is the right time to open a bank account?

• When you understand how to manage an account

• Between the ages of 13-17

• All of the above

• When you have income

What type of bank offers the most common features and services?

• Credit unions

• Retail banks

• Online banks

• None of the above

What should you do to protect and stack your cash?

• Work with a credit union

• Keep your money in a checking account

• Choose a bank you can trust

• Open multiple bank accounts

What is the purpose of a money market account?

• To store your emergency fund

• To provide quick access to your money

• To earn interest on your money

• To make spending and managing money safe and convenient

What is the recommended amount for an emergency fund?

• $1,000

• $500

• $10,000

• $100