WorksheetsUnit 2 Lesson 4 Content Quiz
Total questions: 20
Worksheet time: 10mins
Which type of account is best for everyday spending and debit card use?
Savings account
Checking account
Money market account
Certificate of Deposit
What is the main drawback of a checking account?
Hard to access money
High minimum balance
Low or no interest
Limited number of withdrawals
Savings accounts are best suited for:
Long-term investing in stocks
Setting aside money for goals or emergencies
Unlimited debit card transactions
Avoiding all fees
Which account type allows both debit card use and earns some interest but usually requires a higher balance?
Checking account
Money market account
Savings account
Certificate of Deposit
A Certificate of Deposit (CD) usually requires you to:
Deposit money with no restrictions
Lock in your money for a fixed time
Pay fees for every transaction
Use a debit card for purchases
Which account type typically earns the highest guaranteed interest rate?
Checking account
Savings account
Money market account
Certificate of Deposit
The term interest is best defined as:
Money the bank takes when you overdraft
A fee you pay to open an account
Money paid for using someone else’s money
A penalty for early withdrawal
What is the first step in opening a bank account?
Read the fine print
Fund your account
Prepare your documents
Meet with a bank teller
Which of the following is required to open a bank account?
Driver’s license or government ID
School report card
Letter from employer
Credit card
What is a minimum balance requirement?
The maximum amount you can keep in your account
The least amount you must keep to avoid fees
The fee charged if you overdraft
The first deposit you make when opening
Funding an account means:
Borrowing money from the bank
Putting money into your account
Paying bank employees
Applying for a loan
Which of the following is an example of a maintenance fee?
A penalty for withdrawing money early from a CD
A charge for using an out-of-network ATM
A reward for saving money
A fee for not opening an account
Commercial banks are known for:
Limited services but personal touch
High interest rates and no fees
A wide range of services and many branches
Only serving members of certain groups
What is a common downside of commercial banks?
Higher fees and lower savings interest
No in-person service
Fewer services available
No online banking options
Credit unions differ from banks because:
They are owned by large corporations
Members own and control them
They always charge higher fees
They have unlimited branches worldwide
What is the biggest drawback of online banks?
They have no debit cards
They have no in-person service
They charge the highest fees
They don’t allow mobile access
Traditional banks are most often described as:
Banks with physical buildings for in-person service
Online-only institutions
Credit unions that share profits
Investments-only organizations
A smaller, local bank might not:
Offer friendly, face-to-face service
Know customers by name
Have as many services as larger banks
Require proof of identity
A utility bill or lease agreement can serve as proof of:
Identity
Address
Income
Deposit
Online banks often provide:
Lower savings interest rates
Higher fees for transactions
Higher interest and fewer fees
In-person branch service
