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Bank Account Match-Up Worksheet
Instructions:
Match each account type with the correct real-life scenario. Then, complete the extra practice section by calculating balances after transactions.
Account Types
Checking Account
Savings Account
Certificate of Deposit (CD)
Money Market Account
Student Checking Account
Scenarios
A. Maria wants quick access to her money for everyday purchases like groceries and bills.
B. James is saving for a vacation next summer and wants his money to earn interest while staying safe.
C. Lena wants to lock her money away for 12 months to earn a higher interest rate.
D. Kyle is a college student who needs an account with low fees and online banking options.
E. Sophie wants an account that earns interest but also allows limited check-writing privileges.
Extra Practice: Transactions
Starting Balances:
Checking Account: $500
Savings Account: $1,000
Transactions:
Deposit $200 into Checking
Withdraw $50 from Checking
Transfer $100 from Checking to Savings
Savings earns 1% interest for the year
Questions:
a) What is the final balance in the Checking Account?
b) What is the final balance in the Savings Account?
All Answers 1
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Matches
- Checking Account — A. Maria wants quick access to her money for everyday purchases like groceries and bills.
- Savings Account — B. James is saving for a vacation next summer and wants his money to earn interest while staying safe.
- Certificate of Deposit (CD) — C. Lena wants to lock her money away for 12 months to earn a higher interest rate.
- Student Checking Account — D. Kyle is a college student who needs an account with low fees and online banking options.
- Money Market Account — E. Sophie wants an account that earns interest but also allows limited check-writing privileges.
Extra Practice: calculations
Starting balances: Checking $500, Savings $1,000
- Deposit $200 into Checking → Checking = $700
- Withdraw $50 from Checking → Checking = $650
- Transfer $100 from Checking to Savings → Checking = $550; Savings = $1,100
- Savings earns 1% interest → Interest = $1,100 × 0.01 = $11
Answers
a) Final Checking balance: $550
b) Final Savings balance: $1,111
- Checking Account — A. Maria wants quick access to her money for everyday purchases like groceries and bills.
- Savings Account — B. James is saving for a vacation next summer and wants his money to earn interest while staying safe.
- Certificate of Deposit (CD) — C. Lena wants to lock her money away for 12 months to earn a higher interest rate.
- Student Checking Account — D. Kyle is a college student who needs an account with low fees and online banking options.
- Money Market Account — E. Sophie wants an account that earns interest but also allows limited check-writing privileges.
Extra Practice: calculations
Starting balances: Checking $500, Savings $1,000
- Deposit $200 into Checking → Checking = $700
- Withdraw $50 from Checking → Checking = $650
- Transfer $100 from Checking to Savings → Checking = $550; Savings = $1,100
- Savings earns 1% interest → Interest = $1,100 × 0.01 = $11
Answers
a) Final Checking balance: $550
b) Final Savings balance: $1,111
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