Money 101 Unit 3: Savings

Which type of account earns interest and allows your money to grow?

• Checking

• Savings

• Credit

• Bank

Which type of account is used for everyday purchases, commonly through a debit card?

• Savings

• Credit

• Checking

• CD

Money in a savings account grows because it accrues what?

• Investments

• Internet

• Interest

• Fees

Which of the following is true about interest?

• The more money you have in your savings, the more interest you will earn

• The less money you have in your savings, the more interest you will earn

• You will earn the same dollar amount of interest no matter what

• Savings accounts do not accrue interest

Which of the following is not an example of something to use a savings account for

• Emergencies

• Dinner

• Vacation

• Expensive items you want to buy in the future

Checking accounts are for everyday spending; savings accounts are for...

• Everyday spending

• Credit cards

• Saving money

• Losing money

When we talk about savings accounts, interest is...

• Good

• Bad

• Neutral

• Fake

Which of the following fees is common for both savings and checking accounts?

• ATM fees

• Transfer Fees

• Minimum Balance Fees

• Overdraft Fees

In your own words, describe the difference between a savings account and checking account

If each savings account earns 10% interest in a year, which account will gain the most money in interest?

• The account with $10 in it

• The account with $100 in it

• The account with $1000 in it

• They will all gain the same dollar amount of interest