Personal Finance - Final

Front

You are at the checkout counter at the local supermarket, use your debit card to pay for your groceries, and select “credit” when the cashier asks “Debit or credit?” Where does the money for this purchase come from?

Back

It is deducted directly from your checking account

Front

Which of the following best describes what FDIC Insurance is? A government backed policy that protects your money if a bank fails, A bank program that protects you from high overdraft fees, Additional accounts offered by banks to save for car and home insurance, A budgeting program offered by banks to help you save for the future

Back

A government backed policy that protects your money if a bank fails

Front

A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check.

Back

debit card

Front

What is the costliest fee charged on checking accounts?

Back

Overdraft fees

Front

A card that allows the holder to make purchases without cash by borrowing money

Back

credit card

Front

A check that has been written but not yet deducted from the person's bank account.

Back

outstanding check

Front

What is your current balance if you started the day with $300 in your account after the following transactions: (1) ATM withdrawal of $60 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $34 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks?

Back

$273

Front

Why is it so important to have a checking account?

Back

A checking account facilitates the rest of financial life by making your money available when and where you need it while also keeping it safe.

Front

What is a card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent?

Back

prepaid card

Front

Which list includes the most important factors to consider when opening a savings account?

Back

The fees, the interest rates, and the minimum deposit to open the account