WISE Bank Questions Munn

Which type of bank account typically offers the least amount of interest?

• Checking account

• Savings account

• Money market account

• None of the above

Savings accounts typically offer more interest than which type of account?

• Retirement account

• Money market account

• Checking account

• None of the above

Which type of bank account is best if you want some growth on your money?

• Checking account

• Savings account

• 529 Plan

• None of the above

Which type of bank account is best for everyday transactions?

• Checking account

• Savings account

• Money market account

• Certificate of deposit

Which of the following is NOT a common feature of a financial institution?

• Access to investment products

• Paper checks

• Access to ATMs

• Direct deposit

Which type of bank account typically offers the least (if any) interest?

• Access to ATMs

• Investment trading

• Direct deposit

• Debit cards

Julie wants to open an account at a financial institution that offers free checking accounts and higher interest rates on her deposits. Julie’s parents are eligible to join a credit union. Which financial institution is a good choice for Julie?

• Brick-and-mortar bank

• Internet bank

• Credit union

• Cash advance or payday loan company

Which of the following is NOT a common feature of a financial institution?

• Direct deposit

• Paper checks

• Access to investment advice

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

• TRUE

• FALSE

• Depends on the initial amount

• Depends on the interest rate

Which savings account will earn you the least money?

• One that compounds interest daily.

• One that earns simple interest monthly.

• One that earns simple interest daily.

• One that compounds interest monthly.