Bank Accounts Quiz

What is the purpose of a savings account?

• To earn interest on deposited money

• To invest money in the stock market

• To pay bills using a debit card

• To borrow money using a credit card

What is the maximum amount of money insured by the government for deposits in a savings account?

• $100,000

• $500,000

• $250,000

• $1,000,000

What does it mean for money in a savings account to be 'liquid'?

• The money is used to pay bills

• The money is invested in the stock market

• The money is readily available

• The money is locked in for a fixed period of time

Do checking accounts usually pay interest?

• It depends on the bank

• No

• Yes

• Only for large deposits

What is the maximum amount of money insured by the FDIC for deposits in a checking account?

• $500,000

• $1,000,000

• $250,000

• $100,000

What is the main difference between a debit card and a credit card?

• Debit cards charge interest on purchases, while credit cards do not

• Debit cards are linked to a checking account, while credit cards are not

• Debit cards require a PIN, while credit cards require a signature

• Debit cards have a spending limit, while credit cards do not

What do you need to open a new checking or savings account?

• Current physical and email addresses

• A Social Security number

• A driver's license or ID card

• All of the above

Which type of bank is Ally?

• Investment bank

• Credit union

• Online bank

• Brick-and-mortar bank

What is the final step in opening a checking or savings account at Ally?

• Choosing the type of account

• Setting up an online banking username and password

• Entering personal information

• Making an initial deposit

What is the purpose of a checking account?

• To pay bills using a debit card

• To invest money in the stock market

• To earn interest on deposited money

• To borrow money using a credit card