BSBA MKTG QUIZ

What is the primary purpose of a savings account?

• To pay off credit card debt.

• To invest in stocks and bonds.

• To save money and earn interest.

• To withdraw cash without penalties.

Which of the following is typically a feature of a savings account?

• Unlimited withdrawals without penalties

• Interest earnings on deposits

• Monthly maintenance fees

• No interest on deposits

What is the usual minimum balance requirement for a savings account?

• Php 5,000 to Php 10,000

• Php 1,000

• Php 15,000

• Php 20,000

How often is interest typically compounded in a savings account?

• Annually

• Monthly

• Daily

• Weekly

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

• A savings account is for daily transactions; a checking account is for saving.

• Both accounts earn the same interest rate and are used for saving.

• A savings account is for saving and earning interest; a checking account is for daily transactions.

• A savings account allows unlimited withdrawals; a checking account has restrictions.

What should you regularly check to avoid overdraft fees?

• Monthly credit card statements

• Investment portfolio performance

• Bank account balance and transaction history

• Loan repayment schedules

What is a common way to access funds in a savings account?

• Transferring funds via email

• Withdrawing cash from a credit card

• Using a mobile app for stock trading

• Using an ATM or bank branch.

What does APY stand for in relation to savings accounts?

• Annual Payment Yield

• Adjusted Percentage Yield

• Annual Percentage Yield

• Average Percentage Yield

Why is it important to monitor your savings account balance?

• To avoid receiving promotional offers from the bank.

• It is important to monitor your savings account balance to manage your finances effectively and prevent potential issues.

• To ensure you have enough money to buy luxury items.

• To increase the interest rate on your account.

What is one benefit of having a savings account?

• Access to loans with low interest rates

• Immediate cash withdrawals without limits

• Earning interest on deposits

• No fees for account maintenance