6th Grade Financial Literacy Practice Test

A checking account is a bank account designed for frequent transactions like paying bills, making purchases, and transferring money electronically. It gives you quick access to funds through a debit card, checks, and online or mobile payments, so you can pay today rather than waiting for money to move slowly. Savings accounts, by contrast, are meant for storing money and earning interest, with limited access for withdrawals. A deposit is money you put into an account, not a type of account, and a credit report is a record of your borrowing history, not a bank account. So the term that describes a bank account that allows checking and electronic payments is a checking account.