Chapter 8- Banking

People who are unbanked are most likely to...

• Have a high credit score

• Have a low income

• Have a college degree

• Have a mortgage

Overdraft protection...

• Allows you to withdraw more money than you have in your account

• Protects your account from unauthorized transactions

• Helps you save money for emergencies

• Provides insurance for your deposits

Which of the following is NOT required to open a checking account?

• Proof of identity

• Proof of address

• Social security number

• Minimum age requirement

Which of the following is NOT a common way most people are using P2P, such as Venmo?

• Splitting bills with friends

• Paying rent or utilities

• Sending money to family members

• Investing in stocks

What feature is the least important for a college student to look for in a checking account?

• Low or no monthly fees

• Convenient ATM access

• High interest rates

• Online and mobile banking

How can you protect your checking account when using online and mobile banking?

• Use strong and unique passwords

• Avoid using public Wi-Fi networks

• Regularly monitor your account activity

• All of the above

What are some reasons for why so many Americans live paycheck-to-paycheck?

• Low wages

• High cost of living

• Lack of financial education

• All of the above

How does inflation impact the money in your savings account?

• It increases the value of your money

• It decreases the value of your money

• It has no impact on the value of your money

• It depends on the interest rate

Which is not a use of money?

• Medium of exchange
• a store of value
• unit of account
• to start a fire

The more credit cards you have, the higher and better your credit score is?

• True

• False