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What is a Checking Account? - Definition, Types & Advantages

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

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

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1. 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?

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

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About This Quiz & Worksheet

This quiz and worksheet can help you gauge your knowledge of checking accounts and the types that exist today. In order to pass the quiz, you will need to identify different checking account types.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Types of checking accounts
  • Advantages to a checking account
  • What a checking account offers

Skills Practiced

This quiz and worksheet can help you test out the following skills:

  • Interpreting information - verify that you can read information regarding checking accounts and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about advantages of having a checking account
  • Distinguishing differences - compare and contrast money market or interest bearing accounts and basic checking accounts

Additional Learning

To learn more about checking accounts, review the corresponding lesson, What is a Checking Account? - Definition, Types & Advantages. This lesson will help you:

  • Define checking account
  • Identify the different types of checking accounts
  • Examine the benefits of having a checking account
  • Learn about the advantages of having a debit card
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