Strategy Beginner: Choosing a Savings or Checking Account

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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.
As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.
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More. Size generally enables an institution to offer more products and services.
3.
Online financial institutions often charge fewer fees than traditional ones because they have less overhead and can afford to charge you less.
Choose wisely. There is only one correct answer.
True. Online institutions have this advantage.
4.
_______ financial institutions allow minors to hold checking accounts.
Choose wisely. There is only one correct answer.
Many. Not all institutions allow them.
5.
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.