Unit 3: Checking Review

If you make a purchase at the grocery store using your debit card where does the money come from?

• savings account

• checking account

Taking out cash using your debit card at an ATM machine is a way to access money in your checking account.

• true

• false

Receiving a person to person payment from your friend is a way to access money in your checking account.

• true

• false

Using your credit card to pay for new shoes is a way to access money in your checking account?

• true

• false

Writing your monthly rent check which you will mail tomorrow will INCREASE your checking account balance once your landlord receives it and cashes it.

• true

• false

An advantage of online banking is that you can view your daily transactions and balances so you can keep better track of your expenditures.

• true

• false

You should use a pencil when writing checks in case you make an error so you can erase it.

• true

• false

You signed up for overdraft protection. Because you did this you will be able to keep making purchases using your checking account, but you will have to pay all of the charges back as well as the overdraft fee.

• true

• false

If you signed up for overdraft protection and now have $0 in your checking account and then make 4 different transactions, how much in overdraft fees will you have to pay if you have a $30 overdraft protection fee.

• $0

• $30

• $90

• $120

If you mailed a check to make a payment for your credit card bill today, when will it be reflected online in your checking account?

• by midnight tonight

• once your credit card company receives the payment

• once your credit card company receives the payment and processes it

• 5 days