Question

1. which of the following statements accurately describe checking accounts? select all that apply.

if a person withdraws more than the account balance, they may be subject to an overdraft fee.
banks never charge a fee to maintain the account.
the checkbook register allows the account holder to keep track of debits and credits.
when a person opens a checking account, they receive checks and a checkbook register.

Explanation:

1. For the statement "If a person withdraws more than the account balance, they may be subject to an overdraft fee": Overdraft occurs when one spends more than the available balance in a checking account, and banks typically charge an overdraft fee for this, so this is correct.
2. For the statement "Banks never charge a fee to maintain the account": Many banks do charge monthly maintenance fees for checking accounts (unless certain conditions like minimum balance are met), so this is incorrect.
3. For the statement "The checkbook register allows the account holder to keep track of debits and credits": A checkbook register is used by account holders to record all transactions (debits like withdrawals, credits like deposits) to monitor the account balance, so this is correct.
4. For the statement "When a person opens a checking account, they receive checks and a checkbook register": When opening a checking account, banks usually provide checks (or the option to order them) and a checkbook register to help manage transactions, so this is correct.

Answer:

• If a person withdraws more than the account balance, they may be subject to an overdraft fee.
• The checkbook register allows the account holder to keep track of debits and credits.
• When a person opens a checking account, they receive checks and a checkbook register.