Deca 37-45

Front

John needs $3,000. He is withdrawing the money today from a $3,000 certificate of deposit (CD) which will reach maturity in six months. It is likely that he will have to

Back

pay the bank a penalty for early withdrawal.

Front

When a check is returned due to insufficient funds, the check is said to have

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bounced.

Front

A form of payment that is guaranteed to be as good as cash is a

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bank check.

Front

Deposits in bank savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to

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$250,000.

Front

Which one of the following statements is the most accurate about the use of ATM cards? Options: A. A person can generally get an interest free loan at any bank ATM with no fee. B. A person can always charge a purchase using an ATM card. C. A person can get cash anywhere in the world using an ATM with no fee. D. A person must have a bank account to have an ATM card.

Back

A person must have a bank account to have an ATM card.

Front

Which of the following financial products is good to have so that a person can cover cash needs today? A. Bonds. B. Individual Retirement Account (IRA). C. Life insurance. D. Regular checking account.

Back

Regular checking account.

Front

A person writes a check for more money than he has in his checking account. In order for the check to be paid by the bank, he needs to have

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overdraft protection.

Front

Many companies offer a service to electronically deposit an employee’s net pay into his designated bank account. This service is known as

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direct deposit.

Front

When a person cashes a $300 check and only receives $285, she most likely went to a/an?

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check cashing store.