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Worksheets

Advantages and Disadvantages of Savings and Checking Accounts

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is considered an important milestone of young adulthood?

a)

Buying a car

b)

Opening a checking and savings account

c)

Getting a job

d)

Graduating college

2.

Checking accounts are beneficial for ______.

a)

Investing in stocks

b)

Paying bills

c)

Buying property

d)

Traveling abroad

3.

Checking account holders can use ______ to make purchases or withdraw funds.

a)

Credit cards

b)

Debit cards and checks

c)

Cash only

d)

Cryptocurrency

4.

With direct deposit, an employer automatically transfers a payroll amount into the employee's ______.

a)

Savings account

b)

Checking account

c)

Investment portfolio

d)

Retirement fund

5.

Potential account holders should ______ before opening accounts.

a)

Ignore the pros and cons

b)

Thoroughly research the pros and cons

c)

Open an account immediately

d)

Consult a lawyer.

6.

Which of the following is NOT an advantage of checking accounts?

a)

A) Access to online banking

b)

B) High interest rates

c)

C) Use of debit cards

d)

D) Direct deposit

7.

What is one disadvantage of checking accounts?

a)

High interest rates

b)

Monthly maintenance fees

c)

No withdrawal limits

d)

High investment requirements

8.

Savings accounts are ideal for individuals looking to save while earning a modest amount of ____.

a)

Interest

b)

Fees

c)

Penalties

d)

Taxes

9.

Which of the following is a fee associated with checking accounts?

a)

Interest fees

b)

ATM withdrawal fees

c)

Deposit fees

d)

Tax fees

10.

Savings accounts allow withdrawals at any time, unlike ____.

a)

Checking accounts

b)

Certificates of deposit

c)

Credit cards

d)

Loans

11.

Savings accounts require low investment amounts to start with, depending on the type of ____.

a)

Bank

b)

Account

c)

Loan

d)

Credit

12.

What is one advantage of savings accounts?

a)

High fees

b)

Ability to withdraw at any time

c)

High minimum balance

d)

Limited access.

13.

Checking accounts may charge a fee if the account balance is lower than the ____.

a)

Maximum

b)

Minimum

c)

Average

d)

Standard

14.

What is a disadvantage of checking accounts related to debit card usage?

a)

High interest rates

b)

Usage fees

c)

No access

d)

High deposit requirements

15.

Savings accounts generally have the _______ return when compared to other types of investments.

a)

highest

b)

lowest

c)

average

d)

variable

16.

Robert wants to open a checking account and wonders if checking accounts pay interest. How would you answer his question?

a)

All checking accounts pay interest

b)

Some types of checking accounts pay interest

c)

Checking accounts never pay interest

d)

Checking accounts pay interest if the account balance does not fall below $300.

17.

What is a common feature of both checking and savings accounts?

a)

High interest rates

b)

Access to online banking

c)

Limited withdrawals

d)

High fees

18.

Which of the following is a reason someone might choose a savings account over a checking account?

a)

Higher interest rates

b)

More frequent transactions

c)

Access to debit cards

d)

Lower minimum balance

19.

What is a potential drawback of using a checking account for savings?

a)

High interest earnings

b)

Easy access to funds

c)

Monthly maintenance fees

d)

Limited transaction options

20.

Which of the following is a typical feature of a checking account?

a)

High interest rates

b)

Unlimited transactions

c)

Limited access to funds

d)

Penalty for early withdrawal