Banking Basics

Front

Which of the following is NOT a common feature of a financial institution?
Paper checks, Access to ATMS, Direct deposit

Back

Access to investment products

Front

Which of the following statements about check cashing companies is TRUE?
- They have limited operating hours during the day.
- They sometimes offer free services.
- They charge high fees.
- They delay when you can access your cash.

Back

They charge high fees.

Front

Which type of bank account typically offers the least (if any) interest? Options: Savings account, Checking account, Money market account, Certificate of deposit

Back

Checking account

Front

Which savings account will earn you the most money? Options: One that compounds interest daily, One that compounds interest monthly, One that earns simple interest daily, One that earns simple interest monthly.

Back

One that compounds interest daily.

Front

Why is it important to reconcile your bank statements?

Back

To avoid spending more than what is in your account, to detect any errors in your account, and to determine if you were charged any fees.

Front

What should you do before you use an ATM?

Back

Inspect the ATM and its surroundings to make sure it is safe to use.

Front

Which of the following statements about savings accounts is FALSE?
Savings accounts pay interest on the money you deposit.
Savings accounts limit the number of withdrawals that can be made each month.
Savings accounts don't usually require a minimum balance.
Savings accounts are best used to store money for longer-term goals.

Back

Savings accounts don't usually require a minimum balance.

Front

If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?

Back

Your bank

Front

Investing is best for ________.

Back

long-term financial goals, like paying for retirement.

Front

A stock is ________.

Back

A share of ownership in a company.