Bank Account Opening Flashcard

Front

Which of the following is not a bank you will most likely use?
commercial,
private,
Merchant bank,
Credit union

Back

Merchant bank

Front

Which of the following saving accounts might I get if I need to save for a house? traditional, Money market, High yield savings, Certificate of deposit

Back

Certificate of deposit

Front

Which of the following is not a helpful money management tool? Budget expense sheet, Credit karma, Financial management application, A piggy bank/mattress

Back

A piggy bank/mattress

Front

How can you avoid spending more than what is in your bank account?

Back

Keep your own records to compare with your financial institution's records.

Front

How old can you be to open a savings or checking account?

Back

13 with a guardian

Front

You can go here to open a checking account: Banks, Credit Unions, Neither banks nor credit unions, Both banks and credit unions

Back

Both banks and credit unions

Front

What is the primary purpose of creating a budget?

Back

To plan for future expenses and savings

Front

How often should you review your budget?

Back

Monthly

Front

What is the 50/30/20 rule in budgeting?

Back

50% needs, 30% wants, 20% savings

Front

A bank account that allows quick access to money for everyday expenses. SYNONYMS deposit account

Back

checking account

Answer explanation

Andrew put his money in a checking account, where he could use it to pay for a steady supply of Dr. Dew and Choritos.