Strategy Beginner: Choosing a Savings or Checking Account

Test your knowledge

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

0%
Keep studying!
Review your answers below to learn more.
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. Size generally enables an institution to offer more products and services.
2.
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.
3.
In return for getting earnings, a checking account will typically _______.
Choose wisely. There is only one correct answer.
Both of the above. This is to ensure that your funds stay available for the financial institution to use.
4.
An online-only financial institution does not have a physical location.
Choose wisely. There is only one correct answer.
True. This type of financial institution is found only on the Internet.
5.
_______ financial institutions allow minors to hold checking accounts.
Choose wisely. There is only one correct answer.
Many. Not all institutions allow them.