Bank Accounts
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Life Skills
8th Grade
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20 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
When you use your debit card, when will you be billed (or pay for) your purchases.
Whenever the bank gets around to it.
At the end of the month.
When you make the purchase...immediately.
Whenever you feel like putting more money in the bank.
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following accounts typically has the highest variable interest rate?
Variable interest: interest percentage might change while your money is in the account to reflect current competitive rates.
Checking
Money Market
Stock Market
Savings
Certificate of Deposit
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following has a fixed interest rate?
Fixed interest: interest percentage will not change while your money is in the account.
Checking
Money Market
Stock Market
Savings
Certificate of Deposit
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which account is a hybrid of checking and savings, likely offers higher interest, but may have a limit to the number of transactions despite the ability to write checks and possibly use a debit card connected to the account.
stock market
money market
certificate of deposit
safety deposit box
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is a debit card?
a type of credit card that allows you to spend money that you don't have yet
a card issued by your bank allowing you to access and spend money that is in your checking account
a card that helps you build credit history
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
How does the money get deducted (taken out or paid) when you use your debit card?
It is Digital Magic!
The bank takes care of it.
It's added to your credit card bill.
It is taken directly and immediately from your checking account balance.
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
What is an overdraft?
occurs when you spend more money than you have available in your checking account and the Bank pays your transaction anyway
occurs when you deposit too much money and the bank returns it to you
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