Banking Accounts Quiz

Which account is commonly used for saving money?

• Checking Account

• Savings Account

• Mortgage Account

• Credit Card Account

Which of the following is NOT a common banking account?

• Current Account

• Student Account

• Savings Account

• Travel Account

Which account type is typically used for saving money for future needs?

• Current Account

• Student Account

• Savings Account

• Business Account

When do students usually open a student account?

• After graduating from university

• After receiving A-level or Scottish Highers results

• Before starting high school

• After getting their first job

Which of the following is NOT a benefit of a student account?

• Interest-free overdraft

• High interest rates

• Easy money management

• Support for higher education expenses

What financial habit can a savings account help you develop?

• Impulsive buying

• Financial discipline

• Avoiding savings

• Increasing debt

Why might someone use a savings account to save up?

• For daily expenses

• For buying a house or going on holiday

• For paying bills

• For immediate cash needs

What is a potential advantage of earning interest on a savings account?

• It decreases your savings

• It provides no financial benefit

• The more you save, the more interest you earn

• It complicates financial planning

What should you do to ensure FDIC insurance for large savings?

• Keep all money in one account

• Spend the excess

• Use separate accounts at different banks

• Ignore insurance options

What is a reason to keep savings separate from everyday spending?

• To increase spending

• To track habits and reduce spending temptation

• To complicate financial management

• To decrease savings