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

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1
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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
2
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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
3

Sofia has saved $10,000. She wants to be sure that she is earning interest on her money and can add to her savings. She also wants to be able to access her money if the need should arise.Which type of account is most suitable for Sofia’s needs?

A
a money market account
B
a certificate of deposit
C
a savings bond
D
a checking account
4

Which of these is an advantage of checking accounts?

A
Checking accounts prevent the customer from having overdraft fees.
B
Checking accounts allow convenient ways to deposit or withdraw funds.
C
Checking accounts are processed immediately so customer and bank records always match.
D
Checking accounts offer limited checks but offer higher rates of interest.
5

What is the major difference between a nationwide bank and a community bank?

A
The community bank offers more services.
B
The nationwide bank services only local customers.
C
The nationwide bank has fewer branches.
D
The community bank services only local customers.
6

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
7

This is a table that could be used to maintain a record of account transactions. It is similar to what is found in a checkbook ledger. Some of its column headings are missing. How should these columns be labeled?

Question illustration
A
Balance, Transaction Code, Description
B
Check Number, Description, Balance
C
Transaction Code, Balance, Notes
D
Description, Check Number, Balance
8

Which of these is the best reason for Nina to monitor her bank account statements online or on her cell phone app?

A
to know when her bills are due
B
to determine the exact date she can retire
C
to ensure she's paying her fair share in taxes
D
to know how much money she has for budgeting
9

In which situation would a savings bond be the best investment to earn interest?

A
if you need access to your cash quickly
B
if you are saving each month for a new car
C
if you are putting aside a chunk of money to purchase a house in five years
D
saving to pay a tax bill in four months
10

Alex has not been keeping his banking records up to date. On his latest bank statement, he found that he had been charged an overdraft fee for writing a bad check. In addition to his being charged a fee, which of these is another possible consequence of an overdraft?

A
The bank will close the merchant's account.
B
The merchant who received his check will be charged an overdraft fee.
C
The bank will cancel his debit card.
D
The merchant who received his check will expect repayment and a penalty fee.

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