What are the main differences between a checking account and savings account? (Look at the table on page 35 of your packet)
Unit 4 Accounts

Quiz
•
Mathematics
•
12th Grade
•
Medium
ROBERT LICHTSINN
Used 8+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
You can order and write checks on a checking account. Checking accounts earn less interest than savings accounts.
It is not a good idea to save money.
You can write bad checks with a checking account and get arrested.
I don't know.
2.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
When you put your money into a checking or savings account, the bank will pay you a small amount of money each month. What is this payment called? (see packet page 33)
interest
a bribe
hush money
a loan
3.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
What is the simple interest formula? (see packet page 35)
I=PRT
loan fees and interest added together
V=d/t
V/A
4.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
How do you build a "nest egg?" (see packet page 37)
save money over a period of time for use in the future
buy some chickens
spend money recklessly
overdraw your checking account
5.
MULTIPLE CHOICE QUESTION
5 mins • 7 pts
How much interest is earned in a year if you deposit $500 into a savings account that earns 5% interest? (see packet page 33)
$25.00
$50.00
zero
$2.50
6.
MULTIPLE CHOICE QUESTION
2 mins • 7 pts
Which deposit account earns the most interest? (see packet page 39)
savings
checking
money market
certificate of deposit
7.
MULTIPLE CHOICE QUESTION
5 mins • 8 pts
Suppose you deposit $100.00 into a savings account that pays 5.25% interest. How much interest will be paid per year? (see packet page 33)
$5.25
$0.43
$0.00
$52.50
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