Pat wants to pay for her electricity bill each month - what should she choose?

P2P Payment (Person to Person Payment)

Which of the following is an advantage to online banking?

With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement.

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees.

By signing up for online banking, you will activate the FDIC insurance on your account.

You can shop online only if you've set up online banking

Which of the following is TRUE about checking accounts?

Both interest rates and fees are subject to change by the banks

Interest rates are fixed as long as your account is open

Banks cannot change the fees on your account while it is open

Banks can change interest rates but not fees on your account while it is open

Which of the following are NOT good habits to protect your checking account information?

Carry the PIN number for your debit card with you in your purse or wallet

Shred documents that have your account number on it

Check your ATM and debit card transactions on a frequent basis

What does it mean if you do NOT have a tick mark or check mark beside an item at the end of the month on your check register?

The check has not yet been processed by the bank and it called an outstanding check.

It means that the person or institution you gave your check to, lost it.

It means that you forgot to give your check to who you were supposed to give it to.

The check has not yet been processed by the bank and it called a withstanding check.

What does it mean to reconcile your checkbook?

At the end of the month you check to see if your check register matches your bank statement.

This happens when you fill out your check register.

This happens when you go to the bank and deposit money

This happens each time you write a check

What should you do if you lose you debit card?

report it to your bank so they can cancel your card and issue a new card

wait a week to see if you do find your card

backtrack your steps and try to find it

When must you sign a deposit slip?

when you deposit any amount of cash

when you deposit more than $100

when you deposit more than $10,000

A blank endorsement on a check:

Creates a check that can be cashed by anyone

A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should

list the cash deposit separately from the check as well as the total of the deposit.

include the reason that both cash and a check are being deposited.

indicate what bank issued the check that is being deposited.

indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.

What is # 1 on the check

A preprinted check with Payers name on and address that let's the payee know who is paying for the goods or service

A place on the check to write your name when you are paying for goods and services.

A name of male person for whom the law does not know their identity

This is where you write the name of the person or company who will be receiving the money. If you’re making a withdrawal for yourself, you will write “Cash” here.

This is where you sign your checks for them to be used by the person or company who will be receiving the money.

This is where you put the money amount as to what you are spending

This is where you write for what goods and services you are receiving as a reminder.

What is the amount $60.00 for?

How much money I am receiving from the balance of both checks being deposited

How much that is being deposited into my account.

How much money I am receiving plus both checks.

Checking Account Review

Authored by Donna Stubbe

Other

9th - 12th Grade

CCSS covered

Used 23+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a restrictive endorsement is "For Deposit Only"

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT an example of a banking fee?

Overdraft Fee

Minimum Balance

ATM Fee

Deposit Fee

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A debit card allows you to make purchases and pay the money back at a later date

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are advantages of a debit card?

Convenience

Limited Liability if Stolen

Pay Later

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This account is designed for easy access and for everyday expenses

Savings

Checking

Money Market

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a factor when choosing a financial institution?

Location

Interest

Insurance

All of the Above

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fee that is charged for borrowing money

Overdraft Fee

Borrower Fee

Interest

ATM Fee

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Checking Account Review

An example of a restrictive endorsement is "For Deposit Only"

Which of the following is NOT an example of a banking fee?

A debit card allows you to make purchases and pay the money back at a later date

Which of the following are advantages of a debit card?

This account is designed for easy access and for everyday expenses

What is a factor when choosing a financial institution?

A fee that is charged for borrowing money

When you reconcile your account you should subtract

Pat wants to pay for her electricity bill each month - what should she choose?

Which of the following is an advantage to online banking?

Access all questions and much more by creating a free account

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