What type of Bank acount allows easier access to your money but typically does not may interest?

Banking - Unit review

Quiz
•
History
•
12th Grade
•
Hard
James Puhl
Used 6+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Checking
Savings
Certificate of deposit (CD)
Money Order
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What type of Bank account offers the highest rate of interest but does not allow you to access the money for a set period of time?
Checking Account
Savings Account
Certificate of Deposit
Money Order
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What type of bank acound is designed for you to keep money for longer periods of time and earns some interested on your deposit?
Checking Account
Savings Account
Certificate of Deposit
Money Order
4.
MULTIPLE CHOICE QUESTION
2 mins • 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?
Savings account
Money Market Account
Certificate of depoisit (CD)
Checking Account
5.
MULTIPLE CHOICE QUESTION
2 mins • 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
6.
MULTIPLE CHOICE QUESTION
2 mins • 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.
7.
MULTIPLE CHOICE QUESTION
2 mins • 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
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