Question

question 8 (1 point)
banks charge a fee to you if you over - draft your checking account.
true
false
question 9 (1 point)
writing a \bad check\ which means you do not have the money in your checking account to cover it, can result in a fine, jail, or both.
true
false
question 10 (10 points)
there are several different types of checking accounts. match the correct type to its definition.
column a

1. opened by 2 or more individuals.
2. each co - owner has equal access to the account.
3. also called a survivorship account.
4. used by people who pay just some bills.
5. may require direct deposit.
6. must keep a minimum monthly balance and cannot fall below that set balance
7. earn interest on money
8. no monthly charges
9. you can keep your balance as low as you want
10. may include free checks.

column b
a. interest - bearing account
b. free checking account
c. basic/standard account
d. joint account
e. senior/student account

Explanation:

• Question 8: Banks typically charge an overdraft fee when a customer overdraws their checking account, so it's true.
• Question 9: Writing a bad check (a check without sufficient funds in the account) is illegal and can result in fines, jail - time, or both, so it's true.
• Question 10:
• 1. An account opened by 2 or more individuals is a joint account (d).
• 2. In a joint account, each co - owner has equal access, also (d).
• 3. A survivorship account is a type of joint account, (d).
• 4. A basic/standard account can be used by people who pay just some bills, (c).
• 5. Some senior/student accounts may require direct deposit, (e).
• 6. Interest - bearing accounts usually require a minimum monthly balance, (a).
• 7. Interest - bearing accounts earn interest on money, (a).
• 8. Free checking accounts have no monthly charges, (b).
• 9. In a basic/standard account, you can keep your balance as low as you want, (c).
• 10. Free checking accounts may include free checks, (b).

Answer:

Question 8: True
Question 9: True
Question 10:

1. d
2. d
3. d
4. c
5. e
6. a
7. a
8. b
9. c
10. b