Checking Accounts Quiz

What is a checking account?

• A checking account is a type of bank account that is used for long-term savings.

• A checking account is a type of bank account that allows you to deposit and withdraw money, make payments, and manage your finances.

• A checking account is a type of bank account that only allows you to withdraw money.

• A checking account is a type of bank account that does not require any identification to open.

What is the purpose of writing checks?

• To withdraw cash

• To make payments

• To transfer funds

• To deposit money

What are overdraft fees?

• Charges imposed by a bank when a customer withdraws more money from their account than is available.

• Fees charged for depositing money into a bank account.

• Charges imposed by a bank for using an ATM.

• Penalties for closing a bank account.

How can you avoid overdraft fees?

• Ignore your bank statements

• Spend more than you have

• Don't keep track of your spending

• Follow these steps to avoid overdraft fees.

What is direct deposit?

• Direct deposit is a method of transferring funds through a wire transfer.

• Direct deposit is a method of transferring funds through a check.

• Direct deposit is a method of electronically transferring funds from one bank account to another.

• Direct deposit is a method of physically transferring cash from one bank account to another.

What are the benefits of direct deposit?

• Limited access to funds, increased risk of fraud, and higher fees.

• Convenience, faster access to funds, increased security, and cost savings.

• Inconvenience, delayed access to funds, decreased security, and higher expenses.

• Higher fees, slower access to funds, decreased security, and increased costs.

What is an ATM withdrawal?

• The process of depositing cash into an automated teller machine using a debit or ATM card.

• The process of transferring money from one bank account to another using an automated teller machine.

• The process of checking the account balance using an automated teller machine.

• The process of taking out cash from an automated teller machine using a debit or ATM card.

What are the advantages of using an ATM for withdrawals?

• Faster processing time

• Lower transaction fees

• Ability to deposit cash

• Convenience, accessibility, and availability.

What precautions should you take when using an ATM?

• Using an ATM in a crowded area

• Sharing your PIN with a friend

• Leaving your receipt behind

• Precautions to take when using an ATM include choosing secure locations, shielding the keypad, checking for skimmers, keeping information confidential, monitoring bank statements, contacting the bank for issues, memorizing the PIN, being cautious of strangers, and reporting suspicious activity.