Copyright

Ch 4: Personal Checking & Savings Accounts

About This Chapter

Examine how bank accounts work and the role they play in how we manage money by checking out the Personal Checking & Savings Accounts chapter of this study guide. These lessons will help you both now and after you graduate.

Personal Checking & Savings Accounts - Chapter Summary and Learning Objectives

Where we keep our money and how we keep track of it exerts an incredibly powerful influence over how we live, what we can and cannot afford to do, and what happens to us as we age and our earning potential declines. In these lessons you will examine the types of savings and checking accounts that banks offer, their functions and purpose, their history and background and much more. When you have completed this chapter, you will be able to:

  • Discuss what a checking account is and how it functions
  • Balance a checking and savings account correctly
  • Differentiate between a savings and checking account
  • Explain the importance of a savings account and the types available
  • Understand what is meant by check clearing

Course Topics

LessonObjective
What is a Checking Account? - Definition, Types & Advantages Define and describe a checking account.
What is a Savings Account? - Definition, Types & Quiz Discover purpose and types of savings accounts.
How to Balance a Checking or Savings Account Learn procedures for balancing savings and checking accounts.
Check Clearing: Definition, Process & Rules Explain the procedures involved when a check clears.

5 Lessons in Chapter 4: Personal Checking & Savings Accounts
Test your knowledge with a 30-question chapter practice test
Institutions of the U.S. Banking System

1. Institutions of the U.S. Banking System

Institutions of the U.S. banking system include several options for businesses and consumers. Explore commercial banks, savings and loan associations, credit unions, and investment banks and discover the characteristics and benefits of each of these institutions.

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

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

A checking account is a transactional account that allows for regular withdrawals. Learn the definition of a checking account, explore the advantages of the different types of accounts, and discover how a checking account can help you.

What is a Savings Account? - Definition & Types

3. What is a Savings Account? - Definition & Types

A savings account is a bank account for saving money, that can also earn interest at the same time, increasing one's profits. Learn more about savings accounts, how they started, the different types and their definitions, and the reason people choose to invest in such an account.

How to Balance a Checking or Savings Account

4. How to Balance a Checking or Savings Account

Learning to adequately balance a checking or savings account will help you to keep a record of your spending and save money each month. Learn more about what is necessary to balance a checking or savings account and more on its purpose.

Check Clearing: Definition, Process & Rules

5. Check Clearing: Definition, Process & Rules

Check clearing involves a check deposit and transfer into the clearing system. Learn more about the definition and basic process of check clearing and explore the rules for completing a successful transaction.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken
More Exams
There are even more practice exams available in Personal Checking & Savings Accounts.

Earning College Credit

Did you know… We have over 220 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Support