Financial Statements & Recordkeeping

Which of the following is an interest-bearing deposit account held at a bank which provides a modest interest rate?

• Savings account

• Checking account

• Money market account

• Certificate of deposit

Which of the following is a type of savings account which usually earns a higher amount of interest than a basic savings account?

• Checking account

• Debit card

• Certificate of deposit

• Money market account

What type of account allows you to write checks and typically does not earn interest?

• Savings account

• Checking account

• Money market account

• Certificate of deposit

Which type of account requires you to keep your money in the bank for a fixed period in exchange for a higher interest rate?

• Savings account

• Checking account

• Money market account

• Certificate of deposit

Which account type typically offers limited check-writing privileges and higher interest rates than a regular savings account?

• Checking account

• Money market account

• Certificate of deposit

• Savings account

Which of the following is NOT usually included in a bank statement?

• Deposits

• Fees

• Withdrawals

• Social Security number

Which of the following is NOT considered a deposit?

• Check cashed

• Purchases

• Transfers received

• Direct deposit

Which of the following is NOT a step in reconciling a bank statement?

• Matching all checks listed in the bank statement to the check register

• Matching each of the deposits in the records to those noted on the bank statement

• Going through the miscellaneous account debits and credits listed on the bank statement

• Calling a banker to discuss deposits and withdrawals

Which of the following is NOT a feature of a savings account?

• High interest rates

• Limited withdrawals

• Check-writing privileges

• Safety of principal

What is the primary purpose of a checking account?

• To earn high interest

• To facilitate daily transactions

• To invest in stocks

• To save for retirement