Unit 1: Checking

What is the benefit of direct deposit?

• Any overdraft fees are waived
• You don't have to spend time and energy depositing a check
• The funds from your paycheck are usually available between 3-5 business days
• You get a tax benefit from the Federal government

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit; credit unions are not-for-profit
• Banks are not taxed; credit unions are taxed
• Banks are insured by the NCUA; credit unions by the FDIC
• There are more local credit unions than there are banks

A checking account is best used for...(hint: choose 2 correct answers)

• Saving money

• Storing money to spend

• Investing money

• Placing money you earn

How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

• Use a strong password

• Sharing your pin # with only 1 person in case you forget it

• Connect to a secure WiFi network

• Opt-out of alerts to notify you of unusual activity

At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?

• $1620.38
• $1510.06
• $1485.06
• $787.10

Tags

CCSS.7.NS.A.3

June Russell, who has a checking account at Gravy Train Bank, is writing a check to Stanley Lawrence, who has a checking account at Chunk a Change Bank. What should be written on the "Pay to the order of" line of the check?

• Chunk a Change Bank
• Gravy Train Bank
• June Russell
• Stanley Lawrence

Tags

CCSS.6.EE.A.1

What happened on 7/5?

• a paycheck was deposited
• check #164 was written
• nothing
• the balance went up

Tags

CCSS.6.NS.C.7C

What should be written on line 2?

• the date
• the amount of the check
• who the check is going to
• your signature

The number of a checking account is also known as the:

• Pin Number
• Social Security Number
• Routing number
• Account Number

Tags

CCSS.5.NBT.A.3A

Which of the following is TRUE about banks?

• Banks protect & grow your money

• Banks are fun and cool

• Banks like to steal your money.

• Banks can sell your information