Exit Ticket 2.4, 2.5, 2.6 and 2.7 - Tang Xiong | Library

Instructions

Please be sure to have complete the Notes for each section before attempting the Exit Ticket. 

Required

2

Which of the following features is most likely to be exclusive to a savings account compared to a checking account?

Higher interest rates on deposited funds

Access to a wide network of ATMs without fees

Direct deposit capabilities for recurring payments

No limit on the number of monthly transactions

Required

2

Choose an account with annual compounding and the highest available interest rate.

Choose an account with daily compounding and a lower interest rate.

Choose an account with monthly compounding and a slightly higher interest rate.

Choose an account with quarterly compounding and a moderate interest rate.

Required

2

Savings accounts generally provide more flexibility with withdrawals compared to CDs.

CDs usually have no penalties for early withdrawals, unlike savings accounts.

CDs offer greater liquidity than savings accounts, allowing for easier access to funds.

Savings accounts typically offer higher interest rates compared to CDs.

Required

2

Overdraft fees are automatically waived if you deposit funds into your account within 24 hours of the overdraft.

Overdraft fees are charged when you make a purchase that exceeds your account balance but is covered by a linked credit card.

Overdraft fees are typically assessed when a transaction exceeds the available balance in your checking account, and the bank covers the shortfall.

Overdraft fees are not charged if you have set up overdraft protection that links your savings account to your checking account.

Required

2

Signing up for paper statements instead of electronic statements.

Using your account to make a minimum number of transactions each month.

Maintaining a minimum daily balance specified by the bank.

Setting up direct deposits of a certain amount into your account each month.

Required

2

Selecting an ATM that is out-of-network but offers a lower fee than your bank’s ATM.

Choosing to receive cash back when making a purchase with your debit card 

Using ATMs within your bank’s network or affiliated networks.

Opening a bank account that reimburses ATM fees up to a certain amount each month.

Required

2

$200

$420

$350

$280

Required

2

It generates additional income to cover essential expenses

It is a good way to build credit

It helps you budget all of your income for the month

It encourages you to prioritize saving money

Required

2

3-6 days worth of expenses

3-6 years worth of expenses

3-6 months worth of expenses

3-6 weeks worth of expenses

Required

2

Mandatory monthly account minimums

Limited availability of ATMs

High interest rates on cash advances

Various fees for transactions and maintenance

Required

2

Regular use of digital payment methods

High minimum balance requirements

Insufficient credit history

Lack of access to a nearby bank branch

Required

2

Prepaid cards offer high interest rates on funds stored on the card.

Prepaid cards can be used anywhere that accepts credit or debit cards.

Prepaid cards typically do not require a credit check to obtain.

Prepaid cards often have fees for activation, transactions, and ATM withdrawals.