Question
Financial Literacy Unit Test
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Question
You are trying to decide which bank to start an account at. You pull up a website that compares two of the most popular banks in your area. The chart on the site looks like the following one.
Bank A Bank B
Minimum Deposit Per Month $0.00 $100.00
ATM Fees $1.00 None
Overdraft Fees $20.00 $10.00
Nearby Locations None 1
Which of the following statements is true when comparing these two banks?
(1 point)
Responses
Bank B has more locations and lower ATM fees.
Bank B has more locations and lower ATM fees.
Bank A has lower ATM fees and more locations.
Bank A has lower ATM fees and more locations.
Bank A has more nearby locations and a lower minimum deposit per month.
Bank A has more nearby locations and a lower minimum deposit per month.
Bank B has a lower minimum deposit per month and lower overdraft fees.
Bank B has a lower minimum deposit per month and lower overdraft fees.
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Answers
GPT-4o mini
To compare the two banks based on the chart provided:
- **Minimum Deposit Per Month**:
- Bank A: $0.00
- Bank B: $100.00
Bank A has a lower minimum deposit.
- **ATM Fees**:
- Bank A: $1.00
- Bank B: None
Bank B has lower ATM fees (none).
- **Overdraft Fees**:
- Bank A: $20.00
- Bank B: $10.00
Bank B has lower overdraft fees.
- **Nearby Locations**:
- Bank A: None
- Bank B: 1
Bank B has more nearby locations.
Now, evaluating the provided statements:
1. **Bank B has more locations and lower ATM fees.**
- This is true: Bank B has 1 location and no ATM fees.
2. **Bank A has lower ATM fees and more locations.**
- This is false: Bank A has higher ATM fees ($1.00) and no locations.
3. **Bank A has more nearby locations and a lower minimum deposit per month.**
- This is false: Bank A has a lower minimum deposit but no nearby locations.
4. **Bank B has a lower minimum deposit per month and lower overdraft fees.**
- This is false: Bank B has a higher minimum deposit ($100.00) and lower overdraft fees.
The true statement when comparing these two banks is: **Bank B has more locations and lower ATM fees.**
- **Minimum Deposit Per Month**:
- Bank A: $0.00
- Bank B: $100.00
Bank A has a lower minimum deposit.
- **ATM Fees**:
- Bank A: $1.00
- Bank B: None
Bank B has lower ATM fees (none).
- **Overdraft Fees**:
- Bank A: $20.00
- Bank B: $10.00
Bank B has lower overdraft fees.
- **Nearby Locations**:
- Bank A: None
- Bank B: 1
Bank B has more nearby locations.
Now, evaluating the provided statements:
1. **Bank B has more locations and lower ATM fees.**
- This is true: Bank B has 1 location and no ATM fees.
2. **Bank A has lower ATM fees and more locations.**
- This is false: Bank A has higher ATM fees ($1.00) and no locations.
3. **Bank A has more nearby locations and a lower minimum deposit per month.**
- This is false: Bank A has a lower minimum deposit but no nearby locations.
4. **Bank B has a lower minimum deposit per month and lower overdraft fees.**
- This is false: Bank B has a higher minimum deposit ($100.00) and lower overdraft fees.
The true statement when comparing these two banks is: **Bank B has more locations and lower ATM fees.**