Checking Accounts

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 feature of a checking account?

• Ability to write checks

• Earning high interest rates

• Access to debit card transactions

• Online bill payment options

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DOK Level 1: Recall

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

• Checking account

• Savings account

• Money market account

• Certificate of deposit

What is a primary advantage of using a checking account for daily expenses?

• Convenience of transactions

• High interest rates

• Long-term savings

• Tax benefits

Which of the following is a common feature of checking accounts?

• Fixed interest rate

• Limited withdrawals

• Overdraft protection

• Penalty for early withdrawal

What is typically required to open a checking account?

• A credit score check

• A minimum deposit

• A co-signer

• A loan application

Which of the following is a disadvantage of a checking account?

• Limited access to funds

• High transaction fees

• No check-writing ability

• Inability to use ATMs

How do checking accounts differ from savings accounts in terms of liquidity?

• Checking accounts are more liquid

• Savings accounts are more liquid

• Both have the same liquidity

• Neither is liquid

What is the purpose of a check register in managing a checking account?

• To track expenses and deposits

• To earn interest

• To apply for loans

• To invest in stocks

Which of the following is a typical fee associated with checking accounts?

• Monthly maintenance fee

• Early withdrawal penalty

• Loan origination fee

• Mortgage insurance