
Banking Unit Test Review
Quiz
•
Life Skills
•
9th Grade
•
Practice Problem
•
Medium
Melissa Stemkoski
Used 1+ times
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37 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a way to put money into your checking account?
Make a purchase using a debit card
Make a cash deposit at your bank
Deposit a check at your bank
Use an ATM to deposit your money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the maximum amount of money that is insured by the CDIC per person, per account?
$100,000
$150,000
$200,000
$250,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What potential advantage does a checking account have over a savings account regarding transactions?
It earns more interest
It has no transaction limits
It provides better insurance coverage
It requires less initial deposit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which feature of checking accounts helps protect consumers when paying bills?
Automatic bill pay options
Paper trail of all transactions
Digital wallet integration
ATM access
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a primary feature of a checking account compared to a savings account?
Higher interest rates
Limited number of transactions per month
Easy access to funds for daily transactions
Designed primarily for long-term savings
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is compound interest?
Interest paid only on the original amount deposited
Interest paid on both the original amount and previously earned interest
A fee charged by banks for savings accounts
Interest that decreases over time
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 50/30/20 saving rule?
Save 50% of your income, spend 30% on needs, and 20% on wants
Save 20% of your income, spend 50% on needs, and 30% on wants
Save 30% of your income, spend 50% on needs, and 20% on wants
Save 50% of your income, spend 20% on needs, and 30% on wants
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