19
QuizMultiple Choice

Managing Credit and Debit — Test

Question 19 • Personal Finance

Kylie has 500 dollars to open a checking account. She wants an account with the lowest fees. She sometimes writes a check for more money than she has in her account. She plans on using only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and Conditions Minimum Balance Interest Overdraft Protection ATM Fees Monthly Fee A 500 dollars 0 point 1 percent Yes 0 dollars for all ATMs 0 dollars B 250 dollars 0 percent no 0 dollars for ABC bank ATMs 5 dollars C 50 dollars 0 percent no 2 dollars per transaction 10 dollars or 0 dollars with direct deposit D 100 dollars 0 point 1 percent no 0 dollars per transaction 5 dollars or 0 dollars with direct deposit Which checking account would be best for Kylie?

Answer
A
Account D
B
Account B
C
Account A
D
Account C

Explanation

Account A is the best fit. Kylie’s $500 meets its $500 minimum balance, and it has no monthly fee or ATM fees. Most importantly, it includes overdraft protection, which matters because she sometimes writes checks for more than she has in her account. Account D may also have low fees with direct deposit, but it does not offer overdraft protection.

AI-written and checked against the verified answer.

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