What is the primary benefit of a checking account?
Banking Mini-Unit (Checking & Savings Accounts)

Quiz
•
Social Studies
•
12th Grade
•
Medium
Kurtis Doehrman
Used 4+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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