Personal Finance & Managing Money$$

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People who are unbanked are most likely to...

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Have a low income

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Overdraft protection...

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Allows you to withdraw more money than you have in your account

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Which of the following is TRUE about banks and credit unions?
Options:
Banks are for-profit institutions, while credit unions are non-profit
Banks offer higher interest rates on savings accounts than credit unions
Credit unions are insured by the FDIC, while banks are not
Banks are owned by their customers, while credit unions are owned by shareholders

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Banks are for-profit institutions, while credit unions are non-profit

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Which of the following is NOT required to open a checking account? Proof of identity, Proof of address, Social security number, Minimum age requirement

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Minimum age requirement

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Which of the following is NOT a common way most people are using P2P, such as Venmo?
Splitting bills with friends,
Paying rent or utilities,
Sending money to family members,
Investing in stocks

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Investing in stocks

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What feature is the LEAST important for a college student to look for in a checking account? Options: Low or no monthly fees, Convenient ATM access, Online and mobile banking

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High interest rates

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Which of the following is FALSE about check registers?
They help you keep track of your account balance,
They are used to record deposits and withdrawals,
They are no longer necessary with online banking,
They can help you detect errors or fraud

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They are no longer necessary with online banking

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What is a typical overdraft fee?

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$25

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How can you protect your checking account when using online and mobile banking? Options: Use strong and unique passwords, Avoid using public Wi-Fi networks, Regularly monitor your account activity, All of the above

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All of the above

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You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

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Process the largest check first