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Personal Checking & Savings Accounts Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. What is the advantage to having both a basic checking account and a money market account?

Question 2 2. When did savings account interest rates start falling?

Question 3 3. Why do older people put their money in savings accounts?

Question 4 4. Which of the following is considered a savings account?

Question 5 5. Which is a reason why someone would use a savings account?

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Question 6 6. All of the following are an advantage of a checking account EXCEPT:

Question 7 7.

Your bank statement shows this information:

Opening balance: $600

Check 555: -$100

Check 556: -$65

Check 558: -$125

Your account ledger shows this information :

Opening balance: $600

Check 555: -$100

Check 556: -$65

Check 557: -$75

Check 558: -$125

How much money do you have and why?

Question 8 8. _____ is required if you want to use a debit card for purchases and to withdraw cash from an ATM.

Question 9 9. Susan recently graduated from college and is about to start her first job. She currently does not have any money to invest, but she is in need of a financial account that will allow her to direct deposit her pay, write checks, and pay bills online. Which type of account would BEST benefit Susan?

Question 10 10. What is check clearing?

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Question 11 11. What might be the reason your records show more funds than the bank statement reports?

Question 12 12. What are some primary differences between savings and checking accounts?

Question 13 13. What is the available balance of a bank account?

Question 14 14. Which of the following BEST describes how check clearing might affect the depositor who wrote the check?

Question 15 15. Lamar's employer is doing away with paper paychecks in favor of direct deposit. How does this benefit Lamar?

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Question 16 16. On Monday, Sue deposited a $100 check that she received as a birthday gift from her father. Later that day, Sue made a purchase at a shoe store with a personal check. She is hoping that the $100 check that she deposited into her account clears before the one that she wrote does. If the check that Sue wrote is also deposited on Monday, which of the following statements is TRUE?

Question 17 17. What are checks that go through a clearing house called?

Question 18 18. Why is it important to balance your bank accounts?

Question 19 19. Why are savings accounts not the best choice for long-term investments?

Question 20 20. What is the most accurate way to determine how much money you have in your bank accounts?

Personal Checking & Savings Accounts Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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