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Checking Unit

Authored by Casey Ellis

Other

9th - 12th Grade

Used 2+ times

Checking Unit
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25 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If you use your debit card at the local grocery store to pay for your groceries where does the money come from?

It is deducted directly from your checking account.

Your credit card company provides you with a cash advance to cover the cost.

It is deducted from your credit card account.

Your credit card company covers the cost.

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following is a way to access the money in your checking account?

Taking out cash using your credit card at an ATM machine

Depositing a paycheck at an ATM

Using your debit card to pay for groceries at checkout

Receiving a person to person payment from your friend.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

You deposit a birthday check by using the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?

available immediately

usually 1-7 business days

30 business days

available the same day

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following transactions will REDUCE your checking account balance immediately?

Writing your monthly rent check

Using your credit card to pay for your school books

Using your debit card to pay for groceries at the supermarket

Depositing a check at a local bank branch

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which TWO of the following statements are advantages of online banking?

A) Once you set up online banking, your bank will waive overdraft, ATM and monthly fees.

B) With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement.

C) Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch.

D) You can shop online only if your bank account has online banking features.

A & B

B & C

B & D

A & C

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

FDIC Insurance is...

Optional coverage consumers can purchase so that their bank deposits remain safe.

Insurance bank branches can buy to protect their business against fraud and scams.

Protection for bank customers' deposits up to $250,000 guaranteeing their money is still available if the bank goes out of business

Required if you want to do online banking.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Your account would be closed.

Since you requested overdraft protection, the bank will not allow you to overdraw your account so your debit card will be declined.

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn ($29).

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed.

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