Quiz Unit 3 Checking and Banking Fees

What is a benefit to using a checking account

• direct deposit

• proof of payment

• Convenience

• all of the above

If you notice any suspicious activity in your account you should

• Call 911

• Notify your bank as soon as possible

• Tell your friends

• Tell your mom/dad

A card that is connected to a person's checking account.

• money order

• check

• gift card

• debit card

A fast and easy way to pay a person using your phone is _____________.

• payment app

• gift card

• check

• cash

FDIC insurance provides..

• Health insurance coverage after you turn 26

• Banks with insurance so that customers can’t scam them

• A guarantee your bank won’t ever go out of business

• A guarantee that your money in your checking account, up to $250,000, is safe and available to you

Which term from your bank statement represents the amount of money you have in your account at a given point?  

• Reference number

• Deposit

• Withdrawal

• Balance

What is an overdraft fee?

• Fee for writing a check

• Fee for withdrawing more money than you have in your account

• Fee for going below your minimum balance requirement

Why is it a good idea to set up mobile alerts for your checking account?

• If you enable them, your bank can no longer charge fees

• The warnings might alert you in time to prevent your making costly mistakes

• You won’t need to review your bank statements anymore

• The alerts will transfer extra money into your account to prevent you from overdrawing

Which of the following is a way you can get money out of your checking account?

• Using your credit card to get cashback at a supermarket

• Withdrawing cash using an ATM

• Depositing a check at a bank branch

• Having your paycheck deposited electronically

Money added to a checking account is called a

• withdrawal

• deposit

• endorsement

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