Spending

Question 1

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?

Revolt · Accepted Answer

Check Number, Description, Balance

Question 2

Which of these is an advantage of checking accounts?

Revolt · Accepted Answer

Checking accounts allow convenient ways to deposit or withdraw funds.

Question 3

What does reconciling an account involve?

Revolt · Accepted Answer

checking one's financial records against the bank’s

Question 4

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

Revolt · Accepted Answer

if you are putting aside a chunk of money to purchase a house in five years

Question 5

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?

Revolt · Accepted Answer

debit card

Question 6

Which of these is a characteristic of certificates of deposit (CDs)?

Revolt · Accepted Answer

They last for a set period of time.

Question 7

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

Revolt · Accepted Answer

to know how much money she has for budgeting

Question 8

Look at the table below showing an example of a checkbook ledger.

Revolt · Accepted Answer

$704.50

Question 9

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

Revolt · Accepted Answer

The community bank services only local customers.

Question 10

What is a major difference between retail banks and credit unions?

Revolt · Accepted Answer

Retail banks operate in order to earn profit, while credit unions are nonprofit.

Spending Answers

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