Unit 1 Checking Review

What is the definition of WITHDRAW?

• Leave money in bank account

• Take money out of bank account

• Add money to bank account

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

What is the definition of DEPOSIT?

• Leave money in bank account

• Take money out of bank account

• Add money to bank account

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Venmo is an example of a _________

• A bank

• A budgeting app

• A Person-2-Person payment app

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

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

• Through an ATM

• Direct deposit from your employer

• Sending your money to the branch through the mail

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Which of the following best describes what FDIC Insurance is?

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

• A bank program that protects you from high overdraft fees

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

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

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

• Both are linked to a bank

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

• Both require a credit check to use

Tags

CCSS.L.6.5B

CCSS.L.8.5B

CCSS.W.11-12.2D

What is the largest frequently charged fee on checking accounts?

• ATM Fees

• Overdraft Fees

• Monthly Maintenance Fees

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

What is the purpose of a bank statement?

• It alerts you about possible fraudulent charges on your account

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

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

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

WHY would you want to use a check register?

• To identify bank mistakes

• Avoid bounced checks

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

• All of the above

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

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

• Writing a check

• Balancing your checking account

• Reconciling your checking account

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4