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Banking Check-In

Authored by Adrianna Vargas

Mathematics

9th - 12th Grade

CCSS covered

Used 1+ times

Banking Check-In
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15 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

All of the following are reasons to open a checking account EXCEPT… 

Make it easier to pay bills

Access to cash at an ATM

The ability to make purchases with a debit card

Earn interest on your deposits

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is usually a benefit of being a member at a credit union? 

Higher interest rates and lower fees

Lower interest rates and higher fees

higher interest rates and higher fees

lower interest rates and lower fees

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Daisy reads her bank statement and finds an error.  She should…

Do nothing. The bank will correct the error at the end of the month.

Call the FDIC. She is insured up to $250,000.

Call the bank. The bank will investigate the transaction to see if it was an error.

Assume that it’s a transaction that she made and forgot about.

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is typically a feature of a savings account but not a checking account? 

Ability to withdraw money from an ATM

FDIC insured up to $250,000

Your money earns interest

Ease of making payments using a debit card

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Tyreke has $5,000 to put into an account that earns compound interest. Which of the following is the BEST advice you can offer so that he can maximize interest? 

It’s ok to open an account with a low interest rates as long as you deposit your money early

Deposit your money as early as possible in an account with the highest interest rate possible

Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect

Compound interest will not have any effect at such a low dollar amount. Find different opportunities to earn interest on your savings.

Tags

CCSS.HSF-LE.A.1C

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is TRUE when comparing savings accounts and certificates of deposit?

Savings accounts are FDIC insured while certificates of deposit are not

Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time

Savings accounts typically have a higher interest rate than certificates of deposit

Both savings accounts and certificates of deposit allow you to deposit money at any time

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following statements is TRUE about overdraft fees? 

You are legally required to have overdraft protection for your account

They are charged if you fail to meet the minimum balance requirement

You are charged when more money is withdrawn from your account than it has available

They are a one-time payment made by the bank to the account holder

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