Banking and Savings Review (Lessons 4 and 5)

What is the benefit of a checking account?

• It allows you to save money and earn interest.

• It helps you spend money without carrying cash.

• It allows you to spend money and pay the bill later.

• It helps you invest money and gain a greater return.

What is one reason someone might choose to give money as a check instead of cash or a card?

• To earn interest on the money

• To make the gift instantly available

• To trace the transaction for safety

• To avoid paying taxes

How does overdraft protection help you manage a checking account?

• It boosts your credit score

• It invests your money for long-term growth

• It covers purchases when your balance is too low

• It gives you discounts at certain stores

What is a benefit of using a debit card connected to your checking account?

• It lets you spend future money

• It earns high interest over time

• It helps you carry less cash for everyday spending

• It requires a credit check before use

What do you need to do to deposit a check using a mobile banking app?

• Scan your fingerprint and sign into two accounts

• Mail the check to your bank

• Upload photos of your signed check

• Call customer service for approval

Which of the following is something you can do with a mobile banking app?

• Print physical checks

• Deposit a check remotely

• Withdraw cash

• Open a credit card

After all the transactions listed, what is the balance in the account on May 4th?

• $60.00

• $156.00

• $226.00

• $396.00

What is one benefit of keeping your money in a savings account?

• You can spend money instantly at stores

• Your money earns interest and is insured

• It allows you to avoid taxes

• You can use it to pay off credit cards

Why do banks pay you interest on money in your savings account?

• To thank you for using their debit card

• Because they are required by the government

• Because the bank borrows your money until you need it

• To compete with online shopping apps

What are two ways to earn more interest from a savings account?

• Open a credit card and take out cash

• Keep your money in longer and add more to it

• Withdraw funds often and deposit checks

• Ask your bank to increase your rate every month