Banking Mini-Unit (Checking & Savings Accounts)

Banking Mini-Unit (Checking & Savings Accounts)

12th Grade

30 Qs

quiz-placeholder

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Banking Mini-Unit (Checking & Savings Accounts)

Banking Mini-Unit (Checking & Savings Accounts)

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Kurtis Doehrman

Used 4+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary benefit of a checking account?

Offers investment opportunities

Earns high interest rates

Allows for long-term savings

Provides access to money for everyday needs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary benefit of a savings account?

Offers investment opportunities

Provides access to money for everyday needs

Allows for long-term savings

Earns high interest rates

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Do checking accounts come with any fees?

No, they are completely fee-free

Yes, they may have overdraft, ATM, and monthly maintenance fees

No, but they have high minimum balance requirements

Yes, but only for senior citizens

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Should you have both checking and savings accounts?

No, only one account is necessary

Yes, but only if you have a high income

Yes, because they serve different purposes

No, it's better to have multiple checking accounts

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What can help consumers avoid paying bank fees?

Keeping a minimum balance in the account

Being aware of the fees ahead of time and shopping around for options with fewer fees

Only using ATMs of the bank where the account is held

Closing the account and keeping cash at home

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which fee might be charged if you close a bank account soon after opening it?

Overdraft fee

Insufficient fund fee

Early account closing fee

Wire transfer fee

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What type of fee could be incurred for making too many transactions from a savings account?

Out-of-network ATM fee

Excessive transactions fee

Overdraft fee

Wire transfer fee

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