Banking Test 2024

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 TRUE about banks and credit unions?

• Banks are for-profit institutions, while credit unions are non-profit

• Banks offer higher interest rates on savings accounts than credit unions

• Credit unions are insured by the FDIC, while banks are not

• Banks are owned by their customers, while credit unions are owned by shareholders

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

Which of the following is FALSE about check registers?

• They help you keep track of your account balance

• They are used to record deposits and withdrawals

• They are no longer necessary with online banking

• They can help you detect errors or fraud

How does the 50-20-30 rule distribute your income?

• 50% for needs, 20% for savings, 30% for wants

• 50% for savings, 20% for needs, 30% for wants

• 50% for wants, 20% for savings, 30% for needs

• 50% for needs, 20% for wants, 30% for savings

Saving accounts differ from checking accounts in that...

• Saving accounts have higher interest rates

• Saving accounts have more fees

• Saving accounts have unlimited transactions

• Saving accounts have overdraft protection

Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it,

• checking account
• savings account
• safe deposit box

Liam wants cash from his bank, but it is closed, He will use the ATM.

• credit card
• debit card
• savings account

Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.

• personal loan
• debit card
• online banking