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Strategy Intermediate:
Choosing a Savings or Checking Account
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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1.
As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.
Choose wisely. There is only one correct answer.
More
Fewer
The same number of
More. Size generally enables an institution to offer more products and services.
2.
A savings account for a working teenager can help him or her save money because it helps discourage paychecks from being spent right away.
Choose wisely. There is only one correct answer.
True
False
True. That, in turn, can put a damper on excessive spending.
3.
It is possible to get some of your bank or credit union fees waived if _______.
Choose wisely. There is only one correct answer.
You keep a high minimum balance in your account
You are a senior citizen
You are a new customer or member
All of the above
All of the above. Certain fees can be waived if you meet one of these conditions.
4.
An online-only financial institution does not have a physical location.
Choose wisely. There is only one correct answer.
True
False
True. This type of financial institution is found only on the Internet.
5.
In return for getting earnings, a checking account will typically _______.
Choose wisely. There is only one correct answer.
Require a high minimum balance
Charge a fee if you fall below some minimum balance
Both of the above
Neither of the above
Both of the above. This is to ensure that your funds stay available for the financial institution to use.
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