Checking Account Quiz

1. Read this scenario, then select the best answer to this question.

Zamora is opening her first checking account. She is a senior in high school and works part-time at the local mall. Zamora is paid twice a month on the 1^st and 15^th of each month. She is responsible for paying her car insurance each month and usually cashes her checks and spends her money on gas, new clothes and entertainment. She also wants to start saving some money to help out with future college expenses.

1. Which of the following checking account options would be best for Zamora's situation?

• A. Option 1: Free checking account with a per transaction charge for checks and ATM withdrawals

• B. Option 2: Checking account with a $500 minimum balance requirement

• C. Option 3: Free checking and savings account with a combined low minimum balance requirement of $100

• D. Option 4: Checking account with a set monthly maintenance fee of $20

2. When selecting a checking account which of the following questions should you ask?

• A. What is the minimum opening balance?

• B. Is there a monthly service charge?

• C. Does the account include overdraft protection?

• D. All of the above

3. What is postdating a check?

• A. When you write a past date on a check instead of the current date

• B. When you write a future date on a check instead of the date the check is being written

• C. When you write any date on a check because you do not know the actual date

• D. When you illegally write the wrong date on your check

4. When writing a check, which of the following should you do?

• A. Leave the Payee/Pay to the Order of field blank

• B. Post-date the check to delay having the money deducted from your account

• C. Write the check in pencil because you did not have a pen

• D. Always double-check the information on the check before submitting it for payment

5. What is an ATM card?

• A. Enables you to withdraw cash from your account

• B. Enables you to check your account balance

• C. Enables you to make a deposit

• D. All of the above

6. To prevent theft, which of the following should you do?

• A. Never carry your PIN or write it on your ATM or debit card

• B. Never sign a blank credit or debit slip

• C. Never give out your account number or PIN over the phone

• D. All of the above

7. What is FDIC?

• A. Insures deposits in banks

• B. Provides 24/7 access to your account

• C. Deposits money in your account

• D. Withdraws money from your account

8. Which of the following can you usually do at an ATM location?

• A. Withdraw cash

• B. Make deposits

• C Transfer money

• D. All of the above

9. When writing a check, which of the following should you NOT do?

• A. Double-check information to ensure it is correct

• B. Write check in pencil so you can correct mistakes

• C. Write clearly and legibly when writing numbers

• D. Start at the beginning of the line when writing the amount

10. Which of the following is NOT a part of a check?

• A. Check amount

• B. Signature line

• C. Deposit amount

• D. Payee