Banking: Managing Your Money

It is suggested that you keep how much money in a liquid account?

• One to two weeks' living expenses.
• One to two months' living expenses
• Three to six months' living expenses.
• One year's living expenses.

A checking account may

• pay interest 
• require minimum balance
• have a service charge
• all of the above

Of the accounts listed, which type usually pays the lowest interest rate?

• Checking account
• savings account
• CD.
• Money market account

You would probably not pay a fee in which of the following circumstances?

• Using an ATM for your own bank
• Using an ATM for a different bank 
• Having an overdraft
• Having under the minimum balance in a money market account

For which type of account do you agree to leave your money on a deposit for a certain period of time?

• Checking account
• Savings account
• Certificate of deposit
• Money market account

The FDIC currently insures bank accounts up to

• $100,000
• $150,000
• $200,000
• $250,000

A debit card purchase or withdrawal takes money out of your account

• Immediately
• In one or two days 
• in one week
• in one month

Checks that have been but not returned to the bank for payment are called

• cancelled checks
• overdrafts
• outstanding checks
• ATM withdrawals

Who may deposit money into a credit union?

• Anyone
• Members of the credit union
• Only those that can deposit at least $5,000
• Only those that want to borrow money from the credit union

When completing a reconciliation for your bank account, 

• you do not need to know which checks are outstanding 
• Service fees charged by the bank are added to your check register 
• outstanding deposits are added to the bank statement balance 
• Outstanding checks are added to the bank statement balance