Banking Review

Front

What is a bank?

Back

A financial institution that protects your money until you need it.

Front

Which of the following is an advantage of having a checking account? You have a permanent record of transactions, You can earn interest on your money, You don't have to carry large sums of cash, All of the above

Back

All of the above

Front

What is a savings account?

Back

An account that keeps your money safe and earns money for you.

Front

How do you open a bank account?

Back

Fill out an application.

Front

What is the term for putting money into an account?

Back

Deposit

Front

What is the term for any activity on a checking or savings account?

Back

Transaction

Front

Which of the following is a reason for the bank to file a service charge? Too little money, Too many transactions, Overdrawing your account, All of the above

Back

All of the above

Front

What is the money paid to you by the bank for keeping money in a checking or savings account called?

Back

Interest

Front

Which of the following interest rates is the best one to have on your savings account? 6.00%, 5.75%, 5.50%, 5.25%

Back

6.00%

Front

What type of account can have more than one person use it?

Back

Joint account