Why is it important to reconcile (check what you think with what the banks says) your bank statements?

To avoid spending more than what is in your account.

To detect any errors in your account.

To determine if you were charged any fees.

What should you do before you withdraw money from the ATM?

Inspect the ATM to make sure it wasn't tampered with.

Ask someone nearby for help using the ATM.

Find a hidden ATM so no one will see you withdraw money.

Share your pin number with trusted friends so you don't forget it.

What should you do before you approach an ATM?

Check for any suspicious people lurking nearby.

Make sure it is hidden so no one will see you withdraw money.

Ask someone nearby for help using the ATM.

Share a picture of your debit card with your friends.

Which of the following statements about savings accounts is FALSE?

Savings accounts allow an unlimited amount of withdrawals each month.

Savings accounts pay interest on the money you deposit.

Savings accounts may require you to maintain a minimum balance to avoid paying a fee.

Savings accounts are best used to store money for longer-term goals.

Which of the following statements about savings accounts is FALSE?

Savings accounts don't usually require a minimum balance.

Savings accounts pay interest on the money you deposit.

Savings accounts limit the number of withdrawals that can be made each month.

Savings accounts are best used to store money for longer-term goals.

If there is a mistake with one of your bank accounts, who should you contact to resolve the issue?

No one, you can't resolve the issue

Which of the following statements about investing is TRUE?

Investing is riskier than putting money in a savings accounts.

On average, putting money in a savings account earns a higher return than investing money in the stock market.

Investing is best for short-term financial goals.

Investing is a guaranteed way to make money.

Which of the following is an effective strategy for personal saving?

Save a certain percentage of each paycheck and deposit it directly into a savings account

Wait until the end of the month and save whatever is left in your checking account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

All of the following statements about bank accounts are true, EXCEPT…

Historically, savings accounts earn higher returns than investments in the stock market

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails

Many banks pay interest on the money you deposit into your savings account

Money in a checking account is usually easy to access via ATM, debit card or check

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

It is deducted directly from your checking account

Your credit card company covers the cost

Your credit card company provides you with a cash advance to cover the cost

It is deducted directly from your savings account

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Contact her bank immediately as it appears that her account may have been hacked

Wait until her monthly statement arrives so she can check to see if those withdrawals are still there

Wait a week as it is fairly common for the bank to catch mistakes like this

Check her wallet to be sure her debit card has not been stolen. If she still has it, then she should not worry.

Which of the following transactions will REDUCE your checking account balance immediately?

Using your debit card to pay for groceries at the supermarket

Writing your monthly rent check which you will mail tomorrow

Using your credit card to pay for your school books

Depositing a check at a local bank branch

Which of the following statements is an advantage of online banking?

Using online banking allows you to earn a higher interest rate

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

You can only shop online if your bank account has online banking features

When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $15 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and buy a new book for $15. What is likely to be the outcome resulting from these transactions?

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn

Your account will be closed and you will need to open an new one

Since you requested overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed

Which of the following is a reason to use a savings account rather than a checking account?

Higher interest rates on deposits

Easy access to funds for daily transactions

Unlimited check writing privileges

Lower minimum balance requirements

When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $25 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Since you declined overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed

Which of the following scenarios could a person use a peer-to-peer app to pay?

Using her debit card, Sam was in charge of getting all her friends tickets to the Taylor Swift concert so they could all sit together. Her friends promised to pay her back.

Josh's soccer coach pays the team's registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee

Jordan writes a check to cover the entire month’s rent, and his roommates Val and Clay pay Jordan for their share of the monthly rent

Mia pays Casey's for a pizza she orders online

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Practice Problem

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Hard

Adrianna Vargas

FREE Resource

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which savings account will earn you the least money?

One that compounds interest daily.

One that earns simple interest monthly.

One that earns simple interest daily.

One that compounds interest monthly.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which savings account will earn you the most money?

One that compounds interest daily.

One that compounds interest monthly.

One that earns simple interest daily.

One that earns simple interest monthly.

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