Savings Unit Test Review 2020

Almost every bank account features online bill pay, a free service that allows you to automatically send checks each month to your less modern service providers (like a sketchy landlord).

• True

• False

Which of the following is true about checking accounts?

• they have no limits on withdrawals

• they can be used to pay bills online

• they come with checks and a debt card

• they make more interest than savings accounts

In order to set up direct deposit what two things will you need for your employer?

• account number

• amount of deposit

• routing number

• tax identification number

Which suggestion below utilizes the best strategy for creating your online passwords?

• create passwords that are easy to remember, such as your name or your pets name

• the best passwords contain only numbers

• as long as the password is at least 4 characters it will be safe

• use different passwords for each financial account

Which of the following represents a convenient feature of being paid via direct deposit?

• Your paycheck will already be in your account on payday, rather than needing to travel to the bank, deposit the check, and wait for it to clear

• People paid via direct deposit usually make more money than those who receive a paper check

• When you have direct deposit, the tax money usually taken out of your account to pay for paper check printing remains in your paycheck, so you take home more pay

• Direct deposit takes cash payments, such as the tips a waiter receives, and turns them into an electronic source of money

When using mobile banking, which of these is NOT a smart tip to keep your account safe?

• Make sure your phone is password protected

• Only use the official website or app associated with your bank

• Choose clever and secure usernames and passwords, and keep them secret

• Use easy-to-remember numbers for your online PINs, such as your Social Security number, account number, or birthday

Which of the following would not be a recommended tip for getting the most out of your online checking account?

• setting up direct deposit

• signing up for mobile and online banking

• finding a bank that has minimum balance fees

• taking advantage of the debit card features

Which of the following statements is an advantage of online banking?

• Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch

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

• Online banking is the only way you can make online purchases

• If you set up online banking, your bank will also file your taxes for you automatically

Which of the following statements is true of online and mobile banking?

• Online and mobile banking are pretty unsafe due to hacking

• Online banking describes the use of the internet to conduct banking transactions, while mobile banking utilizes a portable device

• Online banking describes the use of the internet to conduct banking transactions, while mobile banking utilizes a portable device

• Online and mobile banking both describe the use of your ATM card to make purchases and other transactions on the go

With online/mobile banking, the need for person to person contact is slowly going away?

• False

• True