Devon lives in a large apartment complex, and his rent is due by the first of each month to “Richardson Rental Properties and Housing Options, LLC” which has its office 45-minutes away in downtown Houston. Which payment option makes the most sense if Devon is trying to be responsible and efficient with his time?

Set up a text alert reminder to write and mail a check by the 28th of the previous month

Ask his employer to set up direct deposit

Which of the following transactions will REDUCE your checking account balance immediately?

Using your debit card to pay for groceries at the supermarket

Writing your monthly rent check which you will mail tomorrow

Using your credit card to pay for your school books

Depositing a check at a local bank branch

Which of these is the most convenient feature of using online and mobile banking?

Using online banking, you can request transfers, bill pay, automatic savings, and other features without visiting the bank branch

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

By signing up for online banking, you will activate the FDIC insurance on your account

You can shop online only if you've set up online banking

Which action below is considered a best-practice for check writing?

Recording all of your transactions in a check register

Using a pencil so that you can quickly erase any errors without having to throw any checks away

Leaving the “to” field blank until the very last minute, so that no one else can steal the check

Writing quite sloppily in each field so that no one else can forge your handwriting

When signing up for a new checking account you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account. You go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

You will likely be charged an overdraft fee for EACH transaction and also will need to repay the bank for the amount overdrawn ($29)

Because you requested overdraft protection, the bank will not allow you to overdraw your account, so your debit card will be denied in these 3 instances

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed

How are credit unions and banks different?

Banks are owned by shareholders, while credit unions are owned by members

Typically, deposits at a bank are insured, but deposits at a credit union are not

Banks charge overdraft fees, but credit unions do not

Banks allow customers to do online banking, while credit unions are too small to provide that service

Using a digital wallet payment such as Apple Pay or Samsung Pay is considered safe because...

You do not need to hand your card to the cashier, so your personal information and account number remain private

Only major stores that can afford anti-hacking software accept these payments types

Not very many people have smartphones capable of using that payment type

They include overdraft protection for free when you use this payment type

You find three receipts from your activities today: (1) ATM withdrawal of $60 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $34 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks. What is your current balance if you started the day with $300 in your account?

$300, because banks don't process any same-day transactions

Which of the following transactions may NOT be reflected on your account balance if you go online to check your balances?

Check that you mailed to your cousin for his birthday today

ATM cash withdrawal from yesterday

Automatic payment for your car loan paid two days ago

Debit card transaction from purchasing snacks at a local convenience store today

You visit a local bank that is FDIC-insured to open a checking account. Assume that you can only ask the bank representative one question before you open your account. What would it be?

What is your schedule of fees for this account?

What is the interest rate on the account?

What happens if my debit card is stolen?

Do I get cashback on all of my debit card purchases?

How does a low-balance mobile alert on your checking account work?

It will alert you when your balance falls below a certain amount, and you will know to stop spending until you can add additional funds

It will make it impossible to overdraw your account

When triggered it will automatically transfer money from your savings account so you don’t overdraw

It will freeze your account so that no one can make any withdrawals for 24-hours

Which best describes the difference between a checking statement and a checking agreement?

A statement shows you all of the deposits and withdrawals from your account, and an agreement shows you the terms of the account, such as fee structure and minimum requirements

A statement shows you the terms of the account, such as fee structure and minimum requirements, and an agreement shows you all of the deposits and withdrawals from your account

A statement can be downloaded from your online banking account, while an agreement must be obtained in person at a bank branch

A statement must be obtained in person at a bank branch, while an agreement can be downloaded from your online banking account

When signing up for a new checking account you answer "No" to receive overdraft protection. On this day, you have $10 in your account. You go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Because you turned down overdraft protection, the bank will not allow you to overdraw your account so your card will be denied in these 3 instances

You will likely be charged an overdraft fee for EACH transaction and need to repay the bank the funds overdrawn ($29)

The bank will provide you with five days to add funds to your account to cover the overdraft but will not charge you any fees.

Why is it so important to have a checking account?

A checking account facilitates the rest of financial life by making your money available when and where you need it while also keeping it safe

Without a checking account, you are unable to cash your paycheck or pay your taxes

Opening a checking account is the only way to gain access to a savings account, which is essential if you want to make money by investing

Opening a checking account is the first step in building your credit history, which you will need in order to receive loans, scholarships, and grants for college

Which statement about check cashing businesses is TRUE?

They allow customers to get access to their cash quickly with a fee

They are FDIC insured for deposits up to $250,000

They only charge fees if you are not a member

They save customers time by only existing online and through mobile devices

While opening your checking account, the bank representative seems very interested in getting you to sign up for overdraft protection. What might explain his motivation?

Banks generate income by charging fees such as overdraft

He wants to minimize the fees you might pay to the bank

He is required by law to sign you up for overdraft protection

He wants to protect your credit score

Leia has a checking account at a credit union, but she loads cash onto and uses prepaid cards sometimes, too. What might be her reason?

She feels the prepaid card prevents her from overspending because she loads on a fixed dollar amount and there is no option to overdraw

She can use a prepaid card to shop online but cannot do the same with a debit card

She earns points, miles, and other perks by using a prepaid card that she doesn’t with her debit card

Credit unions charge fees every time she uses her debit card, whereas prepaid cards typically have no fees

Cam is moving from her childhood home in Scranton, PA to an apartment with her best friend in Los Angeles. She plans to stay 3-6 months to test whether she likes living on the West Coast, and then she may move again. Which of these is the BEST option for Cam when opening a checking account?

Open an account at a large national bank with a lot of branch locations

Sign up for whatever bank is offering the best promotion, such as a $50 bonus for new account holders

Join a local credit union in CA with no monthly fees and low overdraft fees

Keep the joint savings account she shares with her dad and just use that instead of opening a separate checking account

Which of the following is a good habit to protect your checking account information?

Create complex passwords that are a long combination of letters, numbers, and symbols

Carry the username and password for your online banking account in your purse or wallet in case you need it on-the-go

Use your account number as your online banking password so it is easy for you to remember but difficult for others to guess

Share login information with a few friends and family members so that trusted individuals can access your money in an emergency

FY Unit 1 Test - Checking

Authored by Katelyn Welch

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27 questions

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OPEN ENDED QUESTION

30 sec • Ungraded

First & Last Name

Evaluate responses using AI:

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OPEN ENDED QUESTION

30 sec • Ungraded

Class Period

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You are at the checkout counter at the local supermarket, use your debit card to pay for your groceries, and select “credit” when the cashier asks “Debit or credit?” Where does the money for this purchase come from?

Your credit card company covers the cost

It is deducted directly from your checking account

Your credit card company provides you with a cash advance to cover the cost

It is deducted from your credit card account

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person-to-person payment would best be used in which of these situations?

To give a donation to someone soliciting contributions outside the grocery store

To repay your uncle who covered the cost of your first semester textbooks

To buy some school supplies and baseball equipment while shopping online

To give a tip to the waitress at a diner

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your friend Tammy just got a part-time job so she can afford to attend a school trip abroad later this school year. Tammy gets a paycheck on the 1st of every month, and a cash payment is due to the International Club advisor by the 3rd of every month with no exceptions. More than one late payment results in being removed from the trip. What recommendation do you have for Tammy?

Use her 15-minute break during work on the 1st of each month to run to the check cashing business; hopefully she doesn’t get delayed by long lines and return to work late, which will anger her boss

Deposit the check through her mobile app on the 1st of the month and do a cash withdrawal from the ATM each month on the 2nd; hopefully the check clears in time to avoid fees

Sign up for overdraft protection, withdraw the money from an ATM regardless of whether the funds are there in time, and just pay the $35 overdraft fee

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jocelyn gets a text alert from the bank that her account has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Wait until her monthly statement arrives so she can check to see if those withdrawals are still there

Wait a week, as it is fairly common for the bank to catch mistakes like this

Check her wallet to be sure her debit card has not been stolen. If she still has it, then she should not worry

Contact her bank immediately as it appears that her account may have been hacked

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each of the following is a way to access money in your checking account EXCEPT...

Take out cash using your debit card at an ATM machine

Use your debit card to pay for groceries at a Point-of-Sale (POS) terminal

Write a check to pay the rent on your apartment

Swipe a prepaid card to pay for your fast food purchase

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