Answers2026-2027 Personal Finance w Mrs. RoudybushBanking: How to Manage Your Money

Banking: How to Manage Your Money Answers

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1
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Sara is 16 years old and would like to open a bank account. What will she need in addition to her parent or guardian? Select four answers.

A
government-issued ID or birth certificate
B
high school diploma
C
money to start the account
D
social security number or immigration form
E
proof of address
2
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What is a major difference between retail banks and credit unions?

A
Retail banks only serve businesses, while credit unions only serve individuals.
B
Retail banks operate in order to earn profit, while credit unions are nonprofit.
C
Retail banks only have small local branches, while credit unions are nationwide.
D
Retail banks manage a person’s money, while credit unions focus on providing loans.
3

Many checking accounts offer multiple ways of accessing money in addition to checks. Which of these can be used to access money in a checking account?

A
debit card
B
credit card
C
certificate of deposit
D
passbook
4

What does reconciling an account involve?

A
checking one's financial records against the bank’s
B
making sure a paycheck arrives on time
C
calculating the interest owed on a savings account
D
identifying instances of identity theft
5

In which situation would a certificate of deposit (CD) be the best banking choice?

A
Samuel is setting money aside but still needs emergency access to it.
B
Hafsa wants a guaranteed return, and won’t need the money for several years.
C
Darren is looking for an investment that has a very high interest rate.
D
Raj is looking for an investment with a fast return so he can reinvest.

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