Choose wisely. There is only one correct answer to each question.
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1.
If you close a savings or checking account and get charged a fee because of that, it's probably because you didn't keep it open as long as you had agreed to when you first opened it.
True. This is the most likely reason why you'd be charged a fee for closing an account.
2.
Compared to brick-and-mortar financial institutions, online ones offer _______ services.
Fewer. This is a disadvantage of the online institutions.
3.
Which of the following is the best reason why checking accounts aren't effective for saving money?
They are designed for spending money. Because they are designed to be spent by you rather than used by the institution holding them, they pay them little or no earnings.
4.
What type of earnings are paid on credit union savings accounts?
Dividends. While banks pay interest, credit unions pay dividends.
5.
A savings account for a working teenager can help him or her save money because it helps discourage paychecks from being spent right away.
True. That, in turn, can put a damper on excessive spending.