WorksheetsAdvantages and Disadvantages of Savings and Checking Accounts
Total questions: 20
Worksheet time: 10mins
What is considered an important milestone of young adulthood?
Buying a car
Opening a checking and savings account
Getting a job
Graduating college
Checking accounts are beneficial for ______.
Investing in stocks
Paying bills
Buying property
Traveling abroad
Checking account holders can use ______ to make purchases or withdraw funds.
Credit cards
Debit cards and checks
Cash only
Cryptocurrency
With direct deposit, an employer automatically transfers a payroll amount into the employee's ______.
Savings account
Checking account
Investment portfolio
Retirement fund
Potential account holders should ______ before opening accounts.
Ignore the pros and cons
Thoroughly research the pros and cons
Open an account immediately
Consult a lawyer.
Which of the following is NOT an advantage of checking accounts?
A) Access to online banking
B) High interest rates
C) Use of debit cards
D) Direct deposit
What is one disadvantage of checking accounts?
High interest rates
Monthly maintenance fees
No withdrawal limits
High investment requirements
Savings accounts are ideal for individuals looking to save while earning a modest amount of ____.
Interest
Fees
Penalties
Taxes
Which of the following is a fee associated with checking accounts?
Interest fees
ATM withdrawal fees
Deposit fees
Tax fees
Savings accounts allow withdrawals at any time, unlike ____.
Checking accounts
Certificates of deposit
Credit cards
Loans
Savings accounts require low investment amounts to start with, depending on the type of ____.
Bank
Account
Loan
Credit
What is one advantage of savings accounts?
High fees
Ability to withdraw at any time
High minimum balance
Limited access.
Checking accounts may charge a fee if the account balance is lower than the ____.
Maximum
Minimum
Average
Standard
What is a disadvantage of checking accounts related to debit card usage?
High interest rates
Usage fees
No access
High deposit requirements
Savings accounts generally have the _______ return when compared to other types of investments.
highest
lowest
average
variable
Robert wants to open a checking account and wonders if checking accounts pay interest. How would you answer his question?
All checking accounts pay interest
Some types of checking accounts pay interest
Checking accounts never pay interest
Checking accounts pay interest if the account balance does not fall below $300.
What is a common feature of both checking and savings accounts?
High interest rates
Access to online banking
Limited withdrawals
High fees
Which of the following is a reason someone might choose a savings account over a checking account?
Higher interest rates
More frequent transactions
Access to debit cards
Lower minimum balance
What is a potential drawback of using a checking account for savings?
High interest earnings
Easy access to funds
Monthly maintenance fees
Limited transaction options
Which of the following is a typical feature of a checking account?
High interest rates
Unlimited transactions
Limited access to funds
Penalty for early withdrawal
