PRE TEST: Personal Banking

A store and a bank would both charge fees for _____.

• failure to maintain a minimum balance

• paying a bill online

• conducting transactions with a teller

• bouncing a check

What does it mean if a check was skipped on a bank statement?

• The check may not have been cashed or deposited yet.

• The check was written for more money than was available in the account.

• The account holder wasted money by not using a check.

• The bank will charge a fee for the skipped check.

Why should "for deposit only" be written on a check along with the bank account number when it is endorsed?

• It saves time at the bank if it is already written on the check.

• Banks require that information be written on checks.

• If the check is lost, nobody else can cash it or do anything with it.

• It is a good reminder that the check is for deposit, not for cashing.

An overdraft fee is a fee for _____.

• writing more than 5 checks a month

• using a debit card at another bank's ATM

• withdrawing more money from an account than is actually there

• using a debit card as a credit card for a purchase

Why are online payment services necessary?

• Individuals who sell items online cannot afford to deal with credit card companies.

• It is too risky to use credit cards online, and online payment services have better security.

• Government regulations require all online transactions be made using online payment services.

• Online payment services are the only payment method that individuals who sell items online trust.

Kevin has had a checking account for a month. As he reconciles his account, Kevin notices that the dates on his check register do not match the dates on his account statement. He immediately calls the bank to find out what the problem is. What is the bank's likely response to Kevin?

• "You obviously made a mistake in recording payment dates. You need to be more careful about that."

• "I'm sorry, it appears we entered the wrong dates here. Thank you for letting us know. We will correct this immediately."

• "There could be a serious problem with your account. Please bring all of your information into the bank so we can check our records and your information."

• "The date that the check is written is usually a few days before it is cashed. We record when it is cashed, and you record when it was written."

Jason started last week with $900 in his checking account. During the week, he wrote the checks below (See Picture).

Evaluate Jason's check register.

• Jason did a good job; everything is correct.

• The final balance is wrong; Jason did not add everything correctly.

• Jason should have written debit instead of deposit for the transaction type.

• Jason entered the amount for his paycheck in the wrong column.

Tags

CCSS.6.NS.B.3

CCSS.6.NS.C.5

Stephanie just opened a checking account and is learning how to record checks in a check register. She writes the following check and records it in her register (See Picture).

What did Stephanie do wrong?

• She switched the columns for the date and check number.

• She recorded the cost of the haircut in the wrong column.

• She recorded the description in the wrong row.

• She added the cost of the haircut to her balance.

Carlos is looking to open an account at a bank, but wants to avoid as many fees as possible. Which would NOT help minimize fees paid to a bank?

• Checking with the bank to know what fees it has so he can avoid them.

• Only using his bank's ATMs to avoid ATM fees.

• Avoiding the use of a check register.

• Comparing various banks' fees and services.

Adam is using an ATM to make a withdrawal. The ATM is affiliated with a different bank than the bank where Adam has his checking and savings accounts. How many fees will Adam most likely have to pay for using the ATM?

• two fees, one to his bank and one to the bank who runs the ATM.

• one fee, to his own bank.

• one fee, to the bank who runs the ATM.

• no fees, using an ATM is usually free.