Financial Literacy Banking

Front

What does a bank do for you?

Back

Keep your money safe while allowing you access to it

Front

How does a bank make money?

Back

Charge interest on loans

Front

Putting money into a bank is called

Back

deposit

Front

A bank can charge a fee for: withdrawing money in certain ways, overdrafts, filing loan papers for a mortgage.

Back

All of the above

Front

A mortgage is a loan for:

a car

,

a college education

,

real estate

,

a business plan

Back

real estate

Front

If you write a check for $100 but you only have $50 in your account, what happens?

Back

All of the above: no one will care until the check comes to the bank, you have just overdrafted your account, you need to make a deposit before the check comes to the bank.

Front

Matching your checkbook balance with the bank's balance is called:

Back

reconciliation

Front

How can a bank make the most money on overdraft fees? Options: Process the biggest checks first in a daily batch, Pay all the checks they can before charging monthly fees, Call and ask if it's ok that they charge you, Process only the checks you have money for.

Back

Process the biggest checks first in a daily batch

Front

Is a bank a public service?

Back

false

Front

Can a bank charge any interest rates they want, maximizing profit?

Back

false