Answers SHS Lifetime Fitness - 2021Banking: How to Manage Your Money

Understanding Checking and Debit Accounts Answers

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

They are always offered at variable rates.

They last for a set period of time.

They can be opened with any amount of money.

They allow access to the money at any time without penalty.

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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?

Balance, Transaction Code, Description

Check Number, Description, Balance

Transaction Code, Balance, Notes

Description, Check Number, Balance

Karina keeps excellent records and always knows precisely how much is in her bank account. However, when she receives her bank statement, she’s surprised to see that she has been charged a $5.00 overdraft fee. After reviewing her well-kept records, she cannot find anything that is incorrect. Which would be the best action for Karina to take?

Review her records again.

Wait for the bank to call her.

Ignore the fee because it is relatively small.

Check her records against her bank statement.

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

Retail banks only serve businesses, while credit unions only serve individuals.

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

Retail banks only have small local branches, while credit unions are nationwide.

Retail banks manage a person’s money, while credit unions focus on providing loans.

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

if you need access to your cash quickly

if you are saving each month for a new car

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

saving to pay a tax bill in four months

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Understanding Checking and Debit Accounts Answers

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