Quiz about Unit 1 Checking Review

Question 1

What is the definition of WITHDRAW?

Accepted Answer

Take money out of bank account

Answer

Leave money in bank account

Answer

Add money to bank account

Question 2

What is the definition of DEPOSIT?

Accepted Answer

Add money to bank account

Answer

Leave money in bank account

Answer

Take money out of bank account

Question 3

Venmo is an example of a _________

Accepted Answer

A Person-2-Person payment app

Answer

A bank

Answer

A budgeting app

Question 4

Which of the following is NOT a method of depositing money into a checking account?

Accepted Answer

Sending your money to the branch through the mail

Answer

Through an ATM

Answer

Direct deposit from your employer

Question 5

Which of the following best describes what FDIC Insurance is?

Accepted Answer

A government backed policy that protects your money if a bank fails

Answer

A bank program that protects you from high overdraft fees

Answer

Additional accounts offered by banks to save for car and home insurance

Question 6

Which of the following is a similarity between debit cards and prepaid cards?

Accepted Answer

Both are limited by the amount of money that you currently have

Answer

Both are linked to a bank

Answer

Both require a credit check to use

Question 7

What is the largest frequently charged fee on checking accounts?

Accepted Answer

Overdraft Fees

Answer

ATM Fees

Answer

Monthly Maintenance Fees

Question 8

What is the purpose of a bank statement?

Accepted Answer

It explains all fees that have been incurred during the previous month

Answer

It alerts you about possible fraudulent charges on your account

Answer

It provides a list of all transactions on your account from the previous period, including withdrawals, deposits, and fees

Question 9

WHY would you want to use a check register?

Accepted Answer

All of the above

Answer

To identify bank mistakes

Answer

Avoid bounced checks

Answer

Helps you stay on top of transaction and know how much you can afford to spend

Question 10

Which is the process of comparing your own records to the records provided by your bank?

Accepted Answer

Reconciling your checking account

Answer

Writing a check

Answer

Balancing your checking account

Question 11

What two items do you need to reconcile your checking account?

Accepted Answer

Check register and monthly bank statement

Answer

Credit card statement and monthly bank statement

Answer

Check register and credit card statement

Question 12

What needs to be filled in when you write a check?

Accepted Answer

All of the above

Answer

The dollar amount in number form and in written words

Answer

Your signature

Answer

Date

Answer

Who the check is to

Question 13

What's wrong with this check?

Accepted Answer

They didn't sign in the correct spot.

Answer

They didn't write in the date.

Answer

They didn't write in the dollar amount.

Question 14

Is this check filled out correctly?

Accepted Answer

Yes

Answer

No

Question 15

Which of the following is an example of online bill pay?

Accepted Answer

Setting your bank to send your rent to the landlord monthly on the 25th

Answer

Using a person-to-person app to repay your friend for dinner

Answer

Using Apple pay to purchase your groceries at a store

Question 16

Which of the following statements is an advantage of online banking?

Accepted Answer

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

Answer

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

Answer

Online banking is the only way you can make online purchases

Question 17

When using mobile banking, which of these is NOT a smart tip to keep your account safe?

Accepted Answer

Use easy-to-remember numbers for your online PINs, such as your Social Security number, account number, or birthday

Answer

Make sure your phone is password protected

Answer

Only use the official website or app associated with your bank

Question 18

What are the benefits of online bill pay?

Accepted Answer

All of the above

Answer

Easier bill pay

Answer

24/7 account access

Answer

Use of mobile apps to pay bills

Question 19

A _________________ is prepared by your bank and shows all of your transactions on your account.

Accepted Answer

bank statement

Answer

check

Answer

withdraw

Answer

deposit

Question 20

A debit card is connected to your checking account and allows you to make purchases or use an ATM.

Accepted Answer

True

Answer

False

Unit 1 Checking Review

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