Banking Review

Front

Which of the following is the best option for personal saving?
Options:
Wait until the end of the month and save whatever is left in your checking account,
Save a certain percentage of each paycheck and deposit it directly into a savings account

Back

Save a certain percentage of each paycheck and deposit it directly into a savings account

Front

When is the BEST time to start saving for your retirement?

Back

As soon as you have your first full-time job

Front

Experts recommend that you accumulate enough to cover 3 to 6 __________________ of expenses in your emergency fund.

Back

Months

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

Front

What does Aunt Annie mean by "living paycheck to paycheck"?

Back

Aunt Annie and her family don't have any money saved, and their paychecks are just barely covering monthly expenses.

Front

Joie gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Back

Contact her bank immediately as it appears that her account may have been hacked

Front

Which of the following transactions will REDUCE your checking account balance immediately?
Options:
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

Front

When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Back

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn.

Front

When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Back

Since you declined overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied.

Front

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

Back

employer, paycheck