Test your knowledge

Choose wisely. There is only one correct answer to each question.

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1.
Checking accounts are designed for _______ money.
Choose wisely. There is only one correct answer.
Spending. As such, most of their value lies in helping you pay your expenses.
2.
When evaluating fees at a bank or credit union, what is perhaps the most helpful question to ask yourself?
Choose wisely. There is only one correct answer.
Am I getting what I need from my bank or credit union in return for these fees? Not everyone thinks fees are too high; therefore, determine whether you are getting your money's worth.
3.
When choosing a bank or credit union account, which feature is the most relevant?
Choose wisely. There is only one correct answer.
None of the above. No one feature is the most important; they vary according to the customer.
4.
Online financial institutions often charge fewer fees than traditional ones because they have less overhead and can afford to charge you less.
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True. Online institutions have this advantage.
5.
A teenager with a checking account at a financial institution has an advantage if he or she wants to get a credit card there in the future.
Choose wisely. There is only one correct answer.
True. The advantage is that the checking account provides evidence of the teen's financial habits, which can be used to make a decision about giving him or her a credit card later on.