Question 11 • TX-Personal Financial Literacy and Economics
Juana has been earning money by babysitting on weekends. She plans to go to college when she graduates from high school in three years, and she’s trying to save as much money as she can. Juana also received some cash gifts for her recent quinceañera, or 15th birthday celebration. Juana’s mother is going to take her to the local branch of their bank to learn what she can do with her money to help save for college.
Answer
A
The employee will advise Juana to open a checking account so she can easily pay her bills.
B
The employee will advise Juana to open a savings account to earn interest on her money.
C
The employee will advise Juana to get a debit card so she has money for college expenses.
D
The employee will advise Juana to apply for a loan so she can begin to pay for college.
Explanation
Juana wants to save money for college, which is three years away. A savings account is designed to hold money she does not need to spend right away and can earn interest over time. A checking account and debit card are mainly for everyday spending, while a loan means borrowing money rather than saving her gifts and babysitting earnings.
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