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Personal Finance Checking and Savings Flashcards | StudBud
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Personal Finance Checking and Savings
Personal Finance Checking and Savings
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Flashcards
20 cards
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Questions
20
Answers
1
What is a typical benefit of online or mobile checking accounts?
24/7 account access and management
High fees for digital transactions
Limited access to funds
No access to ATMs
2
Which feature is commonly associated with savings accounts but not checking accounts?
Unlimited transactions
Debit card usage
Higher Interest rates
Overdraft protection
3
Why might someone choose to open a savings account?
To avoid all fees
To make daily purchases
To earn interest on deposits
To transfer money easily
4
What does "overdraft protection" mean in a checking account?
The bak insures your balance up to a certain amount
You cannot withdraw more than the available balance
The account automatically adds interest if overdrawn
The bank provides extra funds if you balance is to low
5
Which of the following could result in overdrawing you checking account?
Checking you balance online
Paying with a credit card
Withdrawing more money than you have
Deposit a check
6
How can you avoid overdraft fees on a checking account?
Write checks frequently
Opt out of overdraft protection
Always carry a minimum balalnce
Use only a savings account
7
What is the main reason people open a checking account?
To earn high interest
To access money quickly for daily expenses
To save money for a long time
To invest in the stock market
8
What is a common feature of most checking accounts?
Limitless interest earnings
Free debit card acess
Penalties for every withdrawl
High monthly fees
9
Which of the following is generally true about savings accounts?
They earn higher interest than checking accounts
They require no minimum balance
They provide check-writing privileges
They offer frequent ATM access with no limits
10
What does it mean when a bank account is "FDIC insured"?
The account is protected against inflation
The government protects your money up to a certain limit
The bank guarentees protection from fraud
The bank pays interest based on FDIC policies
11
What is typically true about savings accounts compared to checking accounts?
They offer lower interest rates
they have no fees or charges
They limit the number of transactions
they are used for frequent spending
12
What is the main function of a bank statement?
To calculate the interest earned
To show a summary of your account activity
To lock you account
To inform you about future fees
13
What is the key difference between a checking and a savings account?
Savings accounts typically offer interest
Checking accounts are for saving money
Only checking accounts charge fees
Savings accounts have no withdrawl limits
14
Which type of account is most suitable for managing daily expenses?
Certificate of Deposit
Checking account
Money market account
Savings account
15
What is the main purpose of a checking account?
to save money for a long-term goal
To earn high interest
to invest in stocks
to pay for everyday expenses
16
Which of the following features is commonly associated with a checking account?
High-interest rates
Long term investment opportunities
MOnthly penalties for low balance
ATM withdrawls
17
Which type of account typically restricts the number of withdrawals per month?
Loan account
Credit account
Checking account
Savings account
18
Which of the following is often required to avoid late fees on a checking account?
Earing Interest
Make a large deposit
using checks frequently
Maintaining a minimum balance
19
Which of these transactions is most suitable for a checking account?
Applying for a loan
Purchasing groceries
Investing in bonds
Setting aside money for retirement
20
What is a common disadvantage of most checking accounts?
High minimum balance requirements
no access to funds
Low or no interest earnings
High withdrawls limits
