Ready To Work #1 & #2

Which of the following are insured financial institutions? Select all that apply

• Checks cashing service

• Banks and thrifts

• Credits and Unions

• Pawn Shop

Which of the following is a good reason to use a bank?

• Your money is insured up to the maximum amount allowed by law

• Your money is safe from theft, loss and fire

• You can access your money quickly and easily

• All of the above

Which of the following steps are involved with maintaining a checking account? Select all that apply

• Open the account

• Make deposits and withdrawals

• record interest and fees in your checking register

• keep track of your balance

Which of the following might the bank want to see and or verify before you can open up a checking account?

• Photo Identificaiton

• Credit history

• History of using checking accounts

• All of the above

What is the main difference between checking and savings account?

• a checking account allows you to write checks to pay bills and buy goods. You generally can not write checks on a savings account

• you generally earn more interest on a checking account rather than a savings account

• some banks may allow you to use your checking and or savings account to pay bills online or use your debit card

• both types of accounts may have transaction fees for completing more than a certain number of transactions each month.

What banking services may be offered with some deposit accounts? Select all that apply

• Money Orders

• Free telephone and online banking

• Discount on Loans

• Free Checking

With online banking, you can access your accounts at any time

• View your account balances

• conduct transactions, such as transferring money between accounts, paying bills, or ordering checks

• download information, such as your monthly statement

• Change account information, like your address and phone number

• All of the above

In which two of the situations below would you need to see the customer service representative at a bank?

• Refer you to a person who can help you

• Deposit your money for you

• Take applications for loans offered at a bank

• Answer general questions

The five advantages of using a financial institution are safety, convenience, cost, security, and financial future.

• True

• False

What type of account is typically insured by the FDIC?

• Deposit

• Non-Deposit