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Strategy Intermediate: Choosing a Savings or Checking Account

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1.
Which of the following is the best reason why checking accounts aren't effective for saving money?
Choose wisely. There is only one correct answer.
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.
2.
_______ financial institutions allow minors to hold checking accounts.
Choose wisely. There is only one correct answer.
Many. Not all institutions allow them.
3.
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.
Choose wisely. There is only one correct answer.
True. This is the most likely reason why you'd be charged a fee for closing an account.
4.
When choosing a bank or credit union account, which feature is the most relevant?
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None of the above. No one feature is the most important; they vary according to the customer.
5.
Compared to brick-and-mortar financial institutions, online ones offer _______ services.
Choose wisely. There is only one correct answer.
Fewer. This is a disadvantage of the online institutions.