FM * Fall 2024 * Semester Final-C

FM * Fall 2024 * Semester Final-C

Assessment

Flashcard

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Practice Problem

Easy

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50 questions

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1.

FLASHCARD QUESTION

Front

How often do customers typically receive a bank statement for their checking account?

Back

Monthly

2.

FLASHCARD QUESTION

Front

Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.

Back

employer, paycheck

3.

FLASHCARD QUESTION

Front

If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.

Back

Needs, wants, savings

4.

FLASHCARD QUESTION

Front

All of the following are downsides of being unbanked EXCEPT: Lack of access to credit, Lost time paying bills, Difficulty making cashless purchases

Back

Lack of fees associated with banks

5.

FLASHCARD QUESTION

Front

Which of the following transactions will REDUCE your checking account balance immediately? Writing your monthly rent check which you will mail tomorrow, Using your debit card to pay for groceries at the supermarket, Using your credit card to pay for your school books, Depositing a check at a local bank branch

Back

Using your debit card to pay for groceries at the supermarket

6.

FLASHCARD QUESTION

Front

FDIC Insurance is...

Back

Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

7.

FLASHCARD QUESTION

Front

Which statement best describes a savings account? Options: This account offers a convenient way to pay bills and access cash from an ATM, This account pays you interest on money you have put away for later to help your money grow, This account is automatically debited when you use a debit card, This account typically allows an unlimited number of transactions per month

Back

This account pays you interest on money you have put away for later to help your money grow

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