Checking and Savings Account Quiz

What is the primary purpose of using a check register?

• To earn interest on your money

• To track your account balance and record all transactions

• To order new checks from the bank

• To approve bank fees

How can a check register help you identify bank mistakes or catch identity theft?

• By automatically refunding fees

• By comparing your register to bank statements to spot errors or unauthorized activity

• By closing your account each month

• By hiding your account number

Tags

CCSS.RI.4.7

CCSS.RI.5.7

CCSS.RI.6.7

CCSS.RL.4.7

CCSS.RL.5.7

Which of the following methods for depositing a check requires a debit card?

• Bank branch

• ATM

• Mobile deposit

• All of them require a debit card

When reconciling your checkbook, what are you primarily comparing?

• Your checkbook register to your memory

• Your checkbook register to your online shopping history

• Your bank statements to your credit card statements

• Your checkbook register to your bank statements

Which statement best explains the main difference between checking and savings accounts?

• Checking accounts are for easy access to money; savings accounts are for storing money to earn interest

• Savings accounts are for everyday payments; checking accounts earn higher interest

• Both accounts are mainly used for long-term loans

• Checking accounts cannot have fees, but savings accounts always do

Which of the following is typically a feature of a savings account but not a checking account?

• Ability to withdraw money from an ATM

• FDIC insurance up to $250,000

• Your money earns interest

• Ease of making payments using a debit card

How does starting to save at a younger age affect the amount earned from compound interest?

• It has no effect because rates are fixed

• Starting earlier gives more time for money to earn interest on interest, increasing total earnings

• It only matters if you choose a checking account

• It reduces fees but not interest

Tyreke has $5,000 to put into an account that earns compound interest. Which is the BEST advice to help him maximize interest?

• Open an account with a low interest rate as long as you deposit early.

• Deposit your money as early as possible in an account with the highest interest rate possible.

• Wait for rates to rise above 5% before depositing.

• Compound interest will not help with $5,000; find something else.

Tags

CCSS.HSF-LE.A.1C

Which statement is TRUE when comparing savings accounts and certificates of deposit (CDs)?

• Savings accounts are FDIC insured but CDs are not.

• Savings accounts always have higher interest rates than CDs.

• Savings accounts let you access your money anytime, while CDs require you to leave money for a set period.

• Both savings accounts and CDs allow you to deposit money only at the start of the month.

Why might savings accounts have fewer fees than checking accounts, according to the material?

• Banks cannot lend out checking account funds.

• Savings accounts are used less, so banks charge more fees.

• Banks can use savings deposits to lend to other customers, so they may not need to charge certain fees.

• Savings accounts are not insured.

Tags

CCSS.RI.5.2

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.5.2

CCSS.RL.6.2