Module 5 Financial Services Test

Pete sets aside $50 each month from his earnings to have money for a car down payment. What is the best way for him to store his money?

• Keep it in a good hiding place at home so it doesn't get stolen

• Deposit into his savings account

• Put it in his checking account

After you write and sign your check, who can legally cash it?

• Only the person you wrote it to

• You and the person you wrote it to

• The bank

Who is responsible for keeping track of your available bank balance? (the money in your account)

• The stores where you make purchases

• The Bank where you keep your money

• You are

You can't find your debit card anywhere, what should you do?

• Call the bank right away so that it is cancelled

• Close your bank account

• Wait a few weeks to see if you can find it

Which of the following can you do with online banking? (your bank app)

• Check your account balance

• make a transfer or payment to someone or to a store

• receive alerts if something changes with your account

• All of the above

What kind of account should you have for your emergency fund (remember Dave Ramsey!)?

• Checking account

• Savings account

• Investment account

When you use your debit card, the bank will immediately remove the funds from your account.

• True

• False

If you write the wrong name in the PAYEE section of the check, it's ok to cross it off and write another name

• True

• False

Credit Unions and Banks offer the same types of financial services.

• True

• False

Debit cards and Gift cards are both attached to your checking account

• True

• False