Unit 2 Quiz 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 your money to the branch through the mail
• Mobile app deposit

Isla, Elijah, and Oliver are discussing about their savings. Isla mentions that it's important to ensure their bank is FDIC insured. Which of these best describes why she made that statement?

• It guarantees they will get all of their money back, regardless of balance, if their bank goes out of business

• It guarantees they will earn interest on their checking account balance up to $250,000

• It prohibits their bank from charging fees unless they have over $250,000 in the bank

• It guarantees they will get all of their money back, up to $250,000, if their bank goes out of business

Mason received a document from his bank. What is the purpose of this bank statement?

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

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

• It alerts Mason about possible fraudulent charges on his account

• It is a reminder of the fees that may occur when Mason uses his checking account

William, Luna, and Charlotte are learning about personal finance. They want to know what two items they need to reconcile their checking account. Can you help them?

• Check register and monthly bank statement

• Credit card statement and monthly bank statement

• Check register and credit card statement

• Check register and voided checks

Evelyn wants to pay her bills online. Which of the following actions by Evelyn would be an example of online bill payment?

• Using a person-to-person app to repay Mason for the dinner they had together

• Using Samsung Pay to purchase her groceries at a store

• Setting her bank to send her rent to her landlord, Henry, monthly on the 25th

• Having her paycheck direct deposited into her bank account

Isla, Elijah, and Benjamin went to a store. Isla used a debit card to pay for her items, while Elijah used a credit card. Benjamin is confused about the difference between the two. What is the biggest difference between a debit card and a credit card in this scenario?

• When Isla paid with a debit card, she borrowed money from a company.

• When Elijah paid with a credit card, the money he spent came straight out of his own account.

• When Isla paid with a debit card, she was not borrowing money. She was spending her own money. When Elijah paid with a credit card, he was always borrowing money.

• When Isla paid with a debit card, she must pay back the money she spent and must pay interest.

Anika, Charlotte, and Aria went to a shopping mall. Anika used her bank's ATM, Charlotte got cashback at the store, and Aria used an out-of-network ATM. Most banks would charge an ATM fee when...

• Anika used her bank's ATM

• Charlotte got cashback at the store

• Aria used an out-of-network ATM

• They use their card at any ATM

Ava is trying to buy a $45 dress at a store, but she only has $30 in her account and she has overdraft protection. What happens to her transaction?

• Her transaction would be denied and she would be charged an overdraft fee.

• Her transaction would be denied and she would not be charged an overdraft fee.

• Her transaction would be processed so she can buy the dress, but she would be charged an overdraft fee.

• Her transaction would be processed, but she'd have to return the dress, and she would be charged an overdraft fee.