Unit 2 Quiz Review

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money from this purchase come from?

• Your debit card company covers the cost

• It is deducted directly from your checking account

• Your bank is giving you a loan

• It is deducted from your card limit, and you will pay it off at the end of the month

Each of the following is a way to access money in your checking account EXCEPT...

• Take out cash using your debit card at an ATM machine

• Use your debit card to pay for groceries

• Write a check to pay the rent on your apartment

• Swipe a prepaid card to pay for your fast food purchase

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

• Writing your monthly rent check which you will mail tomorrow

• Using your debit card to pay for groceries at the supermarket

• Using your credit card to pay for your school books

• Depositing a check at a local bank branch

Which action below is considered a best-practice for check writing?

• Using a pencil so that you can quickly erase any errors without have to throw any checks away

• Recording all of your transactions in a check register

• Leaving the "to" field blank until the very last minute, so that no one else can steal the check

• Writing quite sloppily in each field so that no one else can forge your handwriting

You find three receipts from your activities today: (1) ATM withdrawal of $60 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $34 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks. What is your current balance if you started the day with $300 in your account?

• $273

• $333

• $83

• $300, because banks don't process same-day transactions

Which of the following transactions may NOT be reflected on your account balance if you go online to check your balances?

• ATM cash withdrawal from yesterday

• Check that you mailed to your cousin for his birthday today

• Automatic payment for your car loan paid two days ago

• Debit card transaction from purchasing snacks at a local convenience store today

Why is it so important to have a checking account?

• Without a checking account, you are unable to cash your paycheck or pay your taxes

• A checking account keeps your money available when and where you need it, while also keeping it safe

• It is the only way to gain access to a savings account

• It is the first step in building your credit history

Which of the following are ways to make a deposit? CHECK ALL THAT APPLY.

• At the ATM

• Inside the bank

• Writing a check

• Buying groceries