Personal Finance - Ch.7

The FDIC insures bank deposits in most banks up to a maximum of ____.

• $25,000
• $75,000
• $250,000
• $500,000

The option of having paychecks deposited into an account by an employer is called a ____.

• Quick deposit
• Personal deposit
• Paycheck deposit
• Direct deposit

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

The book in which a person keeps a record of the checks he or she has written and the deposits made is called a ____.

• Check register
• Balance book
• Checkbook
• Deposit book

Having the bank deduct a certain amount from your checking account on the same date each month to pay a specific bill is a(n) ____.

• Scheduled bill pay
• Timed transfer
• Automatic withdrawal
• Electronic bill pay

An electronic communication that moves money from an account in one bank to an account in a different bank is a(n) ____.

• Safe funds transfer
• Legal funds transfer
• Available funds transfer
• Electronic funds transfer

On money loaned, banks charge __________than what they pay on amounts deposited in savings accounts

• More interest
• Less interest
• The same interest
• A government set rate

Kirk wrote his first check to BestBi Food Mart for groceries and miscellaneous items in the amount of $43.75. Since BestBi is the business to which Kirk wrote the check, BestBi is considered to be the ____.

• Payer
• Drawer
• Payee
• Drawee

Francesca opened a checking account at First Bank one month ago. During the month, she wrote 25 checks. First Bank will charge her $.25 per check. This fee per check is known as a ____.

• Maintenance fee
• Account fee
• Transfer charge
• Service charge

Each month, Hope receives her bank statement that includes copies of the checks that have cleared her checking account in that month. When her checks are presented for payment, they are stamped to show that her bank has paid the check. What are these checks called?

• Reconciled checks
• Covered checks
• Canceled checks
• Processed checks

Octavio travels on business. While he is traveling, he does not like to carry a large amount of cash with him and worries that a store might not take his personal check. What could he use that would provide electronic access to his checking account to make payments at stores, restaurants, etc., by immediately transferring funds from his account to the store's account?

• ATM
• Debit card
• Credit card
• PIN