9. ASU - FIN294 - Personal Finance - Module 9 (Quiz Only)

Which feature of online banking is most beneficial for frequent travelers? Fixed deposit terms Higher interest rates Monthly account statements Access to account management from anywhere with internet

Access to account management from anywhere with internet

Which bank account type generally does not allow withdrawals until a specified time has passed? Money market account Traditional savings account Certificate of deposit (CD) Checking account

Certificate of deposit (CD)

Which account is most suited for someone who wants easy access to their funds for everyday transactions? Certificate of deposit High-yield savings account Checking account Money market account

Checking account

What feature often accompanies online banking to facilitate rapid money transfers? Electronic funds transfer (EFT) services Annual interest rate adjustments Monthly paper statements Fixed deposit options

Electronic funds transfer (EFT) services

What limitation might a checking account with overdraft protection have? Restricted ATM access Lack of check writing capabilities Fees associated with overdraft protection Inability to perform online transactions

Fees associated with overdraft protection

What is a common feature of the terms associated with certificates of deposit (CDs)? Fixed interest rates for the term length Higher fees than regular checking accounts Unlimited access to funds Variable withdrawal limits

Fixed interest rates for the term length

What advantage does a checking account with no minimum balance requirement offer? Unlimited mobile deposits Higher fees Flexibility to maintain any account balance Higher interest rates

Flexibility to maintain any account balance

Why might someone choose a shorter-term CD over a longer-term CD? Reduced monthly fees Higher interest rates Greater flexibility and access to funds sooner Fixed withdrawal penalties

Greater flexibility and access to funds sooner

What differentiates a high-yield savings account from a traditional savings account? Higher interest rates Affiliation with brick-and-mortar banks Higher monthly fees Lower minimum balance requirements

Higher interest rates

What is a primary benefit of opting for a longer-term certificate of deposit (CD)? Reduced penalties for early withdrawal Increased liquidity Immediate access to funds Higher interest rates

Higher interest rates

Which of the following is a benefit of a certificate of deposit (CD)? Higher interest rates compared to regular savings accounts Immediate liquidity Variable interest rates Unlimited withdrawals

Higher interest rates compared to regular savings accounts

What is one key feature of a money market account? Certificates of deposit Unlimited transactions per month Higher interest rates compared to traditional savings accounts

Higher interest rates compared to traditional savings accounts

Why might direct deposit be considered a favorable feature of a checking account? It offers free checks. It has no transaction limits. It provides higher interest rates. It allows for automatic and faster access to funds.

It allows for automatic and faster access to funds.

How does the interest rate generally behave over the term of a fixed-rate certificate of deposit? It fluctuates monthly. It remains constant. It decreases.

It remains constant.

What might be a penalty associated with withdrawing funds from a CD before its maturity date? Decrease in the principal amount Immediate account closure Loss of a portion of the accrued interest Increase in annual fees

Loss of a portion of the accrued interest

What is one limitation of a traditional savings account compared to a high-yield savings account? Longer withdrawal processing times Lower interest rates Limited transaction types Higher fees

Lower interest rates

What is one benefit of having a checking account with overdraft protection? Prevention of declined transactions due to insufficient funds Annual interest rate of 5% Unlimited ATM withdrawals Higher interest earned on balance

Prevention of declined transactions due to insufficient funds

Which type of savings account typically offers the best interest rates but may not have physical branches? Money market account Regular checking account Traditional savings account Online savings account

Online savings account

Which savings account is likely to provide the greatest liquidity? Roth IRA account Time deposit account Traditional savings account Certificate of deposit

Traditional savings account