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LET’S PRACTICE
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7. Which of the following is an advantage of a savings account? a. having cash on hand to fund your daily living expenses b. earning interest on the balance c. unlimited withdrawals and transfers d. the inability to link the account to a debit card 8. Which of the following is NOT a bank fee? a. deposit insurance fee c. overdraft fee b. monthly service fee
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d. below minimum balance charge
9. What is a bank statement and what information would you find on it? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 10. Olivia’s grandfather gave her a $1000 certificate of deposit for her birthday. He said it would help her save for college. Olivia wants to take a vacation with her friends this summer, so she tried to withdraw some of that money to buy a plane ticket and was told by the bank teller that a CD is a time deposit an that she could access the funds only by paying a steep penalty. Explain to Olivia what this means. _ ____________________________________________________________________ _ ____________________________________________________________________ 11. T F Retail banks handle large and complex financial transactions for major corporations. 12. All of the following financial products are offered by consumer bank divisions of commercial banks EXCEPT: a. Certificates of Deposit c. Business insurance b. Checking accounts d. Consumer credit 13. Marina overdrew her account buying groceries. The next day she hurriedly deposited a $500 paycheck to replenish the account, but when she checked her balance it was only $465. What happened? _ ____________________________________________________________________ PRODUCT PREVIEW
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Chapter 2 | Battler of the Banks
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