Final Exam Review (Part 1)

Front

Grace, who is unbanked, is most likely to...

Back

Have a low income

Front

What does overdraft protection allow you to do?

Back

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

Front

Ethan is considering where to open a new account and is comparing banks and credit unions. Which of the following is TRUE about banks and credit unions?

Back

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

Front

Mason is planning to open a checking account at his local bank. Which of the following is NOT required for him to open the account? Proof of identity, Proof of address, Social security number, Minimum age requirement

Back

Minimum age requirement

Front

Isla and her friends often use P2P apps like Venmo. Which of the following is NOT a common way they use it? Splitting bills with friends, Paying rent or utilities, Sending money to family members, Investing in stocks

Back

Investing in stocks

Front

Emma is looking for a checking account as she starts her college journey. What feature is the LEAST important for her to consider? Low or no monthly fees, Convenient ATM access, High interest rates, Online and mobile banking

Back

High interest rates

Front

Ethan is learning about managing his finances and is using a check register. 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

Back

They are no longer necessary with online banking

Front

Liam recently overdrew his checking account. What is a typical overdraft fee he might expect to pay?

Back

$25

Front

Scarlett wants to ensure her checking account is secure while using online and mobile banking. What steps should she take? Options: Use strong and unique passwords, Avoid using public Wi-Fi networks, Regularly monitor your account activity, All of the above

Back

All of the above

Front

Ava has $30 in her bank account. How can a bank reorder 4 checks she wrote today to MAXIMIZE the fees charged to her account?

Back

Process the largest check first