IntermFinServBank: Checking Unit 1_Part 1

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

• Through an ATM

• Direct deposit from your employer

• Sending you money to the branch through the mail

• Mobile app deposit

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

• A budgeting program offered by banks to help you save for the future

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

• Both require a fee to put money into the account

What is the largest frequently charged fee on checking accounts?

• ATM fees

• Overdraft fees

• Monthly maintenance fees

• Statement fees

What is the purpose of a bank statement?

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

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

• It alerts you about possible fraudulent charges on your account

• It is a reminder of the fees that may occur when you use your checking account

How much money should you keep in your checking account?

• Two months of pay

• Six months of pay

• At least your minimum balance

• One full paycheck

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

• Completing a check register

• Writing a check

• Balancing your checking account

• Reconciling your checking account

What two items do you need to reconcile your checking account?

• Check register and monthly bank statement

• Credit card statement and monthly bank statement

• Check register and credit card statement

• Check register and voided checks

You receive a check for $50 from your Aunt Louise for your birthday. You go to an ATM to deposit the check into your checking account. How should you endorse the check

• Just sign your name on the front of the check

• Just sign your name on the front of the check

• Sign your name and write "For Deposit Only" and your checking account number on the back of the check

• Since the check is made out to you, you don't need to worry about signing the check

Which of the following is an example of online bill pay?

• Using a person-to-person app to repay your friend for dinner

• Using Samsung pay to purchase your groceries at a store

• Setting your bank to send your rent to the landlord monthly on the 25th

• Having your check direct deposited into your bank account