Banking Basics Quiz

Why is it important to transition from a piggy bank to a bank account?

• To avoid spending money

• To impress friends

• To keep money safe and earn interest

• To avoid paying taxes

What is the primary purpose of a checking account?

• To easily spend money with a debit card

• To earn high interest

• To store valuable items

• To save money for emergencies

Which type of bank account is designed to help you save money?

• Investment account

• Credit account

• Savings account

• Checking account

What is a key advantage of using a credit union?

• They offer better rates and customer service

• They have branches worldwide

• They require no membership criteria

• They are open 24/7

What is a disadvantage of online-only banks?

• Limited customer service

• Limited ATM access

• Higher fees

• No physical branches

What is one of the required documents to open a bank account?

• A library card

• A gym membership

• A student ID

• A utility bill

What does the term 'deposit' mean in banking?

• Taking money out of an account

• Moving money between accounts

• Putting money into an account

• Writing a check

Which method is NOT a way to withdraw money from a bank account?

• Writing a check

• Visiting a bank teller

• Using an ATM

• Direct deposit

What is the first step in writing a check?

• Writing the recipient's name

• Writing the date

• Signing the check

• Writing the amount in numbers

Where should the recipient sign a check to deposit it?

• On the line that says 'For'

• Next to the date

• On the front of the check

• On the back where it says 'Endorse'