Checking Test

This is the cost of using some other person's or bank's money.

• Interest
• Bill
• Principal
• Credit

This account allows you to withdraw money, pay a bill, or make purchases easily.

• Checking Account
• Savings Account
• Market Money Account
• CD Account

This is a written request to your bank to take money from your account & pay it to someone else.

• Check
• Telephone Call
• Text
• Email

This allows you to withdraw cash from your account or make payments electronically.

• Debit Card
• Loan Account
• Signature Card
• Payday card

The action enters money into an account.

• Deposit
• Withdrawal
• Loan
• Deduction

Two benefits of having a checking account are safety and convenience. Which of the following statements is FALSE?

• If you have a checking account, you won't need to carry as much cash with you

• With a checking account, you have several options for how to pay bills

• In order to shop online, you must use a debit card

• You can cash checks for free when you cash your paycheck at your bank

Hailey's bank is FDIC Insured. What is the benefit to Hailey?

• She can use her bank card at any bank, nationwide, without incurring a fee

• If Wanda’s bank goes out of business, she will receive all of her money back from her accounts up to $250,000

• She will receive a debit card and a checkbook she can use to make purchases

• If she makes a purchase with her debit card and the item breaks, she’ll get a full refund

It's Thursday, and Eileen has $200 in her checking account. Her rent of $650 is due tomorrow. Fortunately, she receives her paycheck from work for $1300 at the end of today’s workday. Why MIGHT Eileen choose to cash her check at the check casher instead of depositing it into her bank account?

• Banks are known to lose people's money, frequently, and she shouldn't take that chance

• If Eileen's landlord wants to be paid in cash, it's not possible to get cash at the bank -- the check casher is her only option

• It can take a few days for Eileen's check to "clear" at her bank; in that time, her check to the landlord might bounce

• Depositing a check at a bank typically costs $10 or more; the check casher will be more cost effective

Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited. This will result in which of the following fees?

• Overdraft Fees

• Service Fees

• ATM Fees

• Check Fees

Cash can be withdrawn from a checking account using all of the following except a(n)...

• debit card. 
• check. 
• ATM.
• credit card.