PF: Chapter 8 Lesson 4 Responsible Banking

What is the most frequent and costly banking mistake?

• Misplacing your debit card

• Using an outdated checkbook

• Forgetting your PIN

• Overdrawing your account

According to Dave Ramsey, where do people spend their money?

• On things most meaningful to their heart

• On charity

• On unnecessary items

• On investments

What is the recommended way to track the activity in your checking account?

• Using a budgeting app

• Using a pencil-and-paper method

• Using a checkbook register

• Using a bank app

What are ACH electronic payments commonly used for?

• Paying bills online and making bank-to-bank transfers

• Withdrawing cash from an ATM

• Making online purchases

• Depositing checks

Why is it important to track your spending?

• To keep track of your favorite stores

• To avoid overdrawing your checking account

• To earn rewards points

• To impress others with your purchases

How long can some deposits take to show up in your checking account?

• Up to one month

• Immediately

• Up to one week

• Up to three business days

What is the process of verifying your bank's online account statements called?

• Transferring funds

• Depositing or withdrawing money

• Balancing or reconciling your account

• Opening a new account

What should you do if the numbers don't match up when balancing your checking account?

• Close your bank account

• Contact your employer

• Ignore the discrepancy

• Look over your statement and try again

What is the recommended way to handle fraudulent transactions or mistakes made by the bank?

• Report them to your bank right away

• Ignore them and hope they go away

• Take legal action

• Confront the person responsible

How can good bank account management help you?

• Stick to your budget

• Earn more money

• Impress your friends

• Avoid paying taxes