Unit 2: Banking Review

An account that money is typically placed and left alone.

• savings account

• checking account

• certificate of deposit

• money market account

• overdraft protection

This can be added to an account in case more money is taken from an account than is in the account.

• savings account

• checking account

• certificate of deposit

• money market account

• overdraft protection

An account that combines two different accounts but has limitations.

• savings account

• checking account

• certificate of deposit

• money market account

• overdraft protection

An account that money tends to be liquid.

• savings account

• checking account

• certificate of deposit

• money market account

• overdraft protection

An account that must reach maturity before money is removed.

• savings account

• checking account

• certificate of deposit

• money market account

• overdraft protection

A person needs another person to sign for a loan.

• age of majority

• cosigner

• bank

• credit union

This is a non-profit organization that is owned by its members.

• age of majority

• cosigner

• bank

• credit union

This is a for-profit organization that is owned by the investors.

• age of majority

• cosigner

• bank

• credit union

A person is no longer considered a minor.

• age of majority

• cosigner

• bank

• credit union

Is the scenario below a situation where you opted-in or opted-out of overdraft protection when you opened your checking account?

At the grocery store, you have a bill of $128, but you only have $100 in your account. Not realizing that your account was low, you make the purchase and are charged $38 for over drawing your account. You now have a balance of negative $66, because of the overdraft fee and the bill.

• opt-in

• opt-out