Consumer Finance Banking Unit

James, Aria, and Abigail are shopping for groceries together. When they reach the checkout counter, James uses his debit card to pay for the groceries. Where does the money for this purchase come from?

• a. James' credit card company covers the cost

• b. It is deducted directly from James' checking account

• c. James' credit card company provides him with a cash advance to cover the cost

• d. It is deducted from James' credit card

Hannah, Ethan, and Aiden are discussing ways to get money (cash) out of their checking accounts. Which of the following method can they use?

• b. Using a debit card to order clothing online.

• c. Depositing a paycheck at an ATM.

• d. Receiving a person-to-person payment from a friend.

• Taking out cash using a debit card at an ATM machine.

Rohan, Aiden, and Anika are discussing their checking account balances. Which of the following transactions will REDUCE their checking account balance immediately?

• a. Writing their monthly rent check which they will mail tomorrow.

• b. Using their debit card to pay for groceries at the grocery store

• c. Using their credit card to pay for their school books

• d. Depositing a check at a local bank branch.

Emma, Ethan, and Benjamin are discussing FDIC Insurance. They come up with different explanations for what it is. Can you help them figure out the correct one?

• a. Optional coverage consumers can purchase so that their bank deposits remain safe.

• b. Insurance bank branches can buy to protect their businesses against fraud and scams.

• c. Required if you want to do online or mobile banking.

• d. Protection for bank customers deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

Imagine James, Zoe, and William are having a friendly debate. They are trying to figure out how often customers typically receive a bank statement for their checking account. Can you help them settle this?

• a. Every single day

• b. Once every week

• c. Once a month

• d. Once a year

Imagine this scenario: Mason, Aria, and Luna are discussing about how they receive their allowances. Mason mentions something about 'Direct Deposit'. Can you help them understand it better? Fill in the blanks: Direct deposit typically refers to your __________ sending your ________ electronically to your bank account.

• a. employer, paycheck.

• b. employer, bills

• c. parents, allowance

• d. state government, taxes

Lily, Abigail, and Scarlett are having a friendly competition to see who can manage their finances the best. They are trying to figure out the formula to calculate the ending balance on their bank statements. Can you help them out?

• a. Ending balance = Previous Balance + Deposits + Withdrawals + Fees

• b. Ending Balance = Previous Balance - Deposits +Withdrawals - Fees

• c. Ending Balance = Previous Balance + Deposits - Withdrawals - Fees

• d. Ending Balance = Previous Balance - Deposits - Withdrawals + Fees

Which of the following transactions may be missing when you go online to review your checking account balance?

• a. ATM cash withdrawal from yesterday

• b. Check that you mailed to your cousin today

• c. Automatic payment for your car loan paid two days ago

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

What is the term for the amount of money you have in your account?

Evaluate responses using AI:

OFF

Answer explanation

Balance

What is the term for a written order to the bank that tells it to take a stated amount of money from your checking account and pay it to another?

Evaluate responses using AI:

OFF