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Bank Accounts QUIZ

Total questions: 10

Worksheet time: 10mins

Name
Class
Date
1.

This type of account offers the following features:


-Save your money in a safe spot

-LOW interest earned here

-Kepp $ separate from your normal, everyday spending account

a)

Checking account

b)

Savings account

c)

Retirement account

d)

Loan

2.

This type of account offers the following features:


-Offers a debit card to use at stores and online

-Use for your everyday spending

a)

Savings account

b)

Certificate of Deposit (CD)

c)

Checking account

d)

Loan

3.

This type of account offers the following features:


-Safe place to keep your money w/ low-medium interest

-Lock your money away for 6 months, 9 months, 12 months, 18 months, etc.

-Fee to withraw money before time is up

-Can use this as a security / collateral for 1st credit card to start building credit

a)

Savings account

b)

Retirement account

c)

Certificate of Deposit (CD)

d)

Credit card

4.

This type of account offers the following features:


-Borrow $$$ in order to purchase something

-Pay interest on top of the original amount of $ you borrow

a)

Loan

b)

Certificate of Deposit (CD)

c)

Retirement account

d)

Debit card

5.

This type of account offers the following features:


- Check account balances

- Transfer money from one account to another

- Make virtual deposits with checks

- Set up automatic bill payments

- Make loan payments

a)

Mobile or online banking

b)

Checking accounts

c)

Loans

d)

Retirement accounts

6.

This type of account offers the following features:


- Set up your stock market portfolio

- Purchase and track bond investments

- Purchase and track fund investments (ex: Mutual funds, Exchange traded funds, etc.)

a)

Retirement account

b)

Checking account

c)

Savings account

d)

Loan account

7.

This type of card offers the following features:


- Borrow money to make purchases

- Build a credit score by making payments on time

- Late payments = Late fees = Credit score drop

a)

ATM card

b)

Debit card

c)

Credit card

8.

This type of card offers the following features:


-Connected to your checking account for direct purchases

-Connected to your savings account (optional) for transfers via mobile app or ATM

-Use for everyday spending at stores or online

a)

Credit card

b)

Checking account

c)

Debit card

d)

ATM card

9.

This type of card offers the following features:


-Use only at automatic teller machines

-Cannot use at stores or online

-Safer way to access money when banks are closed

a)

ATM card

b)

Debit card

c)

Credit card

d)

Savings account

10.

True or False: You must be 18+ to open any kind of bank account

a)

TRUE!

b)

FALSE!