Banking Study Guide - Fall 2024

Front

People who are unbanked are most likely to...

Back

Have a low income

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Overdraft protection...

Back

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

Front

Which of the following is TRUE about banks and credit unions? 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

Back

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

Front

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

Back

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

Back

Investing in stocks

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

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High interest rates

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What is a typical overdraft fee?

Back

$25

Front

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

Back

All of the above

Front

Why is understanding a bank's fees particularly important for students or young adults?

Back

They are more likely to have a low income

Front

What are some reasons for why so many Americans live paycheck-to-paycheck? Low wages, High cost of living, Lack of financial education, All of the above

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All of the above