Mastering Checking Accounts

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Questions and Answers

Which type of account is typically used for day-to-day spending and paying bills?

  • Checking account (correct)
  • Savings account
  • Money market account
  • Certificate of deposit account

What type of account is meant to help you grow your money or set aside funds for a specific goal?

  • Savings account (correct)
  • Checking account
  • Money market account
  • Certificate of deposit account

Which type of account offers the debit card and check-writing features of a checking account with the interest-bearing nature of a savings account?

  • Savings account
  • Checking account
  • Certificate of deposit account
  • Money market account (correct)

Which type of account offers a higher interest rate than a traditional savings account, but requires you to leave your money untouched for an agreed upon time?

<p>Certificate of deposit account (D)</p> Signup and view all the answers

What happens if you withdraw your funds before the term is done in a certificate of deposit (CD) account?

<p>You need to pay an early withdrawal fee (C)</p> Signup and view all the answers

Which type of account allows you to easily access your money with a debit card, ATM, or check?

<p>Checking account (B)</p> Signup and view all the answers

Which type of account offers higher interest rates than a traditional savings account?

<p>Certificate of deposit account (A)</p> Signup and view all the answers

Which type of account is a cross between a checking and a savings account?

<p>Money market account (D)</p> Signup and view all the answers

Which type of account is meant to help you grow your money or set aside funds for a specific goal?

<p>Savings account (A)</p> Signup and view all the answers

Which type of account requires you to leave your money untouched for an agreed upon time?

<p>Certificate of deposit account (A)</p> Signup and view all the answers

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