OpenField Finance

Beginner Course · Lesson 6 Assessment

Assessment: Opening a Bank Account: Checking vs. Savings

Check what you understood from Lesson 6 and apply it to real life.

Beginner Lesson 6 of 14
Before you start: complete the questions and challenges first. The full answer key with explanations is at the bottom of this page — no peeking until you finish.

1. Knowledge Check

Answer the questions below after the lesson.

1. Which account is best for everyday purchases and is usually linked to a debit card?
  1. Savings account
  2. Checking account
  3. Investment account
  4. Prepaid gift card
2. Why is it usually smart to keep checking and savings separate?
  1. Banks require everyone to do it
  2. It makes saved money harder to spend accidentally
  3. Savings accounts are only for adults
  4. Checking accounts earn the highest APY
3. If you are under 18, what do you usually need to open a bank account?
  1. A parent or guardian as a joint account holder
  2. A credit score over 700
  3. A full-time job
  4. At least $500
4. Which fee happens when you spend more money than you have in checking?
  1. Paper statement fee
  2. Overdraft fee
  3. APY fee
  4. Direct deposit fee
5. What is one major advantage of a high-yield savings account?
  1. It always comes with a debit card
  2. It can pay a higher APY than many traditional savings accounts
  3. It guarantees stock market returns
  4. It lets you avoid taxes forever

Short Answer

6. Explain the difference between checking and savings using a teen-related example.

Write 2–4 sentences.

7. Name two bank fees and explain how a student can avoid them.

Write 2–4 sentences.

2. Real-World Action Challenge

The Banking Baseline Audit

Objective: Audit or research your banking setup so your money is safer, easier to track, and easier to save.

Time needed: 5–15 minutes

No Account Yet

Research one traditional bank, one credit union, and one online bank.

Already Have One

Check fees, alerts, notifications, direct deposit, savings APY, and ATM access.

Write down monthly fee, minimum balance, savings APY, ATM access, and minor account requirements.

Reflection Question: What is one change you can make this week that would make your banking setup safer, cheaper, or easier to use?

3. Extension Challenge

Compare three real banking options and choose the best setup for a high school student. Include checking fees, savings APY, ATM access, overdraft policy, mobile app features, and minor account requirements. Then recommend which option is best for checking, which is best for savings, and why.

4. Key Takeaways

  • Checking is for spending; savings is for protecting and growing money.
  • A good account setup helps you track, save, and avoid avoidable fees.
  • Minors can usually open accounts with a parent or guardian.
  • Alerts, notifications, direct deposit, and automatic transfers make banking easier.
  • You do not need a lot of money to start building a strong banking foundation.

Answer Key

1. Correct Answer: B

Checking is designed for daily transactions and debit card purchases.

2. Correct Answer: B

Separation creates friction and protects money meant for future goals.

3. Correct Answer: A

Most minors can open accounts with a parent or guardian as a joint account holder.

4. Correct Answer: B

An overdraft fee can be charged when your account goes negative.

5. Correct Answer: B

High-yield savings accounts often pay more interest than traditional savings accounts.

6. Sample Short Answer

Checking is for spending money, like food, gas, or debit card purchases. Savings is for money you want to protect, like car savings, sports travel, emergency money, or future investing.

7. Sample Short Answer

A student can avoid overdraft fees by setting alerts and checking balances before spending. A student can avoid monthly fees by choosing a student or no-fee account.

Back to Lesson 6 Back to Beginner Course