Virtual Business: Personal Finance Lesson 11 Review

With online banking, you can:

• Access accounts that are not your own and transfer money into your own account

• Use a telephone to talk to a bank teller

• Pay bills, check your balance, and see if checks have cleared on your bank's online Web site

• Put a check through a scanner to pay bills automatically

Online bill payment:

• Can happen automatically every month, even if you set it up just once

• Will definitely cause an overdraft charge

• Can only be set up by making an appointment with a bank branch manager

• Cannot be set up online

A good password:

• Is an easily remembered number such as your phone number or Social Security Number

• Should be used for all your online accounts, including ones you share with friends

• Includes a combination of letters and numbers that are memorable and meaningful to you

• Should be written down in your wallet so you will have it wherever you go

Online banking is probably not necessary if:

• You only have two checks per month and no automatic deposits

• You need to download your bank transactions into Quicken to help you keep track of your business expenses

• You have five automatic payments per month and your paycheck is automatically deposited

• You have a history of overdraft charges due to knot knowing your balance

The most secure Internet access is available through:

• Cable modem, DSL, or dial-up Internet

• Wi-Fi at a coffee house

• Wi-Fi at a public library

• Wi-Fi at a home

Overdraft fees can be avoided by:

• Trying to keep a minimum balance of $10 in your account

• Going to the bank branch after being charged the fee and explaining that you meant to have more money in the account but forgot

• Knowing your account balance and what upcoming bills will be paid

• Having a cell phone bill that automatically re-ups your minutes without you being aware of how much money that will cost

Phishing is:

• Using the telephone to intimidate bank customers

• Using a fake Web site or e-mail to intimidate someone into giving away personal information such as usernames, passwords, or Social Security Numbers.

• An automatic transfer of money from one account to another

• What happens when your bank branch calls you to verify unusual purchases

Identity theft is important to be aware of because:

• Once your identity is stolen, it can't be used again by another theif

• Once your identity is stolen, it is impossible to ever have good credit again

• Once your identity is stolen, it will not affect your life once you are on your own

• Once your identity is stolen, it can be fraudulently sold, and others can continue to use your good credit to obtain credit cards and loans

An online account transfer is:

• An online bill payment

• A transfer of money from one account to another conducted online

• An automatic payment of a cell phone bill from a credit card

• Setting up a recurring payment through online banking

When paying bills online, a payee is:

• Someone who pays you

• Someone to whom you send payment

• A middleman who relays a payment to another party

• None of these