Financial Math Fall Final Dec. 2020

Which of the following is TRUE about checks?

• You should endorse the back when writing a check

• The amount of money is written both numerically and in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

You can access the money in your checking account by...

• Using the cash grandma gave you to pay at the grocery store
• Paying bills with a pre-paid debit card
• Transferring money though your online account
• Using your credit card to Venmo a friend

Overdraft protection...

• is a service offered only for premium checking accounts.

• brings in a few hundred dollars each year to banks.

• is a fee-free service that prevents you from overdrawing.

• can keep you from overdrawing but charges a fee.

Mobile or email alerts for your checking account can notify you of...(hint: there are 3 correct answers)

• Low balances

• Unusual activity

• Deposits

• Credit Card transactions

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

Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?

• His (or his parents') previous year's tax return
• Proof of address
• Identification
• Opening Depo

Which of the following is NOT a common way most people are using P2P?

• To pay rent
• To pay off their credit cards
• To pay back friends
• To buy gifts

What feature is NOT important for a college student to look for in a checking account?

• Low minimum balance requirement

• Interest rate

• Fees

• ATM availability

Tags

CCSS.6.RP.A.3A

A checking account is best used for...

• Saving money

• Storing money to spend

• Investing money

• Placing money you earn

What is a typical overdraft fee?

• $5
• $15
• $25
• $35