What is the difference between a checking account and a savings account?

Banking

Quiz
•
Others
•
11th Grade
•
Medium
Chad Holland
Used 2+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A savings account earns interest and a checking account does not
There is no difference between the two
A checking account earns interest while a savings account does not
A chucking account is used for emergencies only and a savings account is for every day spending
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of a checking account?
Emergencies only
Long-term savings and expensive purchases
Every day spending
All of the above
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of an emergency fund?
An account you create only after an emergency happens
Long term savings for big purchases
Everyday spending
A separate account for emergencies only so that your checking and savings stay in tact when an emergency happens
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How much should you save in an emergency fund?
1 year of expenses
3-6 months of expenses
6-8 months of expenses
2-3 months of expenses
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How much is your money insured up to by the FDIC or NCUA?
$100,000
$200,000
$250,000
$500,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best represents a short term goal?
a new house
a new cell phone
a car
retirement
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
your credit card company covers the cost
It is deducted directly from your checking account
Your credit card company provides you with a cash advance to cover the cost
It is deducted directly from your savings account
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your bank does not have a grace period for overdraft fees. You have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
Your account will be closed
Your bank will give you 24 hours to add more funds to the account
You will likely be charged an overdraft fee for one or more of the transactions and
Your bank will provide the funds for your account, and you will have to pay them back at a later date
Similar Resources on Quizizz
10 questions
Accounting Principles Class XI CBSE

Quiz
•
11th Grade
10 questions
Understanding Sole Proprietorships

Quiz
•
11th Grade
10 questions
How Well Do You Know Apple Apps?

Quiz
•
9th - 12th Grade
10 questions
Reported speech

Quiz
•
11th Grade
8 questions
Cyber Fraud and Security

Quiz
•
11th Grade
10 questions
Accounting Quiz

Quiz
•
11th Grade
7 questions
Bible 聖經

Quiz
•
11th Grade
10 questions
motor vehicle insurance

Quiz
•
11th Grade
Popular Resources on Quizizz
15 questions
Character Analysis

Quiz
•
4th Grade
17 questions
Chapter 12 - Doing the Right Thing

Quiz
•
9th - 12th Grade
10 questions
American Flag

Quiz
•
1st - 2nd Grade
20 questions
Reading Comprehension

Quiz
•
5th Grade
30 questions
Linear Inequalities

Quiz
•
9th - 12th Grade
20 questions
Types of Credit

Quiz
•
9th - 12th Grade
18 questions
Full S.T.E.A.M. Ahead Summer Academy Pre-Test 24-25

Quiz
•
5th Grade
14 questions
Misplaced and Dangling Modifiers

Quiz
•
6th - 8th Grade
Discover more resources for Others
17 questions
Chapter 12 - Doing the Right Thing

Quiz
•
9th - 12th Grade
20 questions
Types of Credit

Quiz
•
9th - 12th Grade
30 questions
Linear Inequalities

Quiz
•
9th - 12th Grade
20 questions
Taxes

Quiz
•
9th - 12th Grade
17 questions
Parts of Speech

Quiz
•
7th - 12th Grade
20 questions
Chapter 3 - Making a Good Impression

Quiz
•
9th - 12th Grade
20 questions
Inequalities Graphing

Quiz
•
9th - 12th Grade
10 questions
Identifying equations

Quiz
•
KG - University