24
practice examMultiple Choice

Practice Exam

Question 24 • Personal Finance and Economics

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

Answer
A
If I need a loan, will they give it to me?
B
Is there an ATM near my home or work?
C
Does the bank offer free checking?
D
Why am I opening a bank account?

Explanation

Joe should first consider his purpose for opening an account, since that determines whether checking or savings better fits his needs. Asking “Why am I opening a bank account?” helps him identify whether he needs convenient access for everyday spending or wants to set money aside. The other questions may matter when comparing banks, but they do not establish which type of account he needs.

AI-written and checked against the verified answer.

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