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WorksheetsChecking/Saving Accounts Quiz
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
FDIC insurance protects the deposits of customers against loss up to $250,000 per account.*
a)
True
b)
False
2.
You can have 24-hour access to your account through online banking and ATM machines.
a)
True
b)
False
3.
Certificates of deposits are a great plan to store emergency funds because you can withdraw the money at any time if needed without penalty.*
a)
True
b)
False
4.
A regular savings account pays MORE interest than a Money Market Account.*
a)
True
b)
False
5.
A saving account is different than a checking account.*
a)
True
b)
False
6.
The maker is the person authorized to write checks on an account.
a)
True
b)
False
7.
A type of savings account that offers a more competitive interest rate than a regular savings account.*
a)
certificate of deposit (CD)
b)
maturity date
c)
money market account
d)
payroll savings plan
8.
Which one of these account types requires you to keep your money deposited for a fixed amount of time?*
a)
Money market account (MMA)
b)
Savings account
c)
Certificate of deposit (CD)
d)
Checking account
9.
How often do customers typically receive a bank statement for their checking account?*
a)
Daily
b)
Weekly
c)
Monthly
d)
Annually
10.
Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.*
a)
employer, bills
b)
employer, paycheck
c)
parents, allowance
d)
state government, taxes
11.
How much of your paycheck should you save according to experts?*
a)
5%
b)
20%
c)
45%
d)
80%
12.
Which of the following is typically a feature of a savings account but not a checking account?*
a)
Ability to withdraw money from an ATM
b)
FDIC insured up to $250,000
c)
Your money earns interest
d)
Ease of making payments using a debit card
13.
How much money should you try to save in your emergency fund?
a)
3-6 days worth of expenses
b)
3-6 weeks worth of expenses
c)
3-6 month worth of expenses
d)
3-6 years worth of expenses
14.
What is the common benefit of a savings account?
a)
No monthly maintencance fees
b)
Ability to write checks
c)
Your money earns interest
d)
Overdraft protection
15.
Which account type would be more suitable for day-to-day transactions such as paying bills and making purchases?
a)
Savings account
b)
Checking account
c)
Certificate of Deposit (CD)
d)
Money Market Account
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