QUIZ: CHECKING ACCOUNTS

A checking account is...

• a type of bank account used to store money not needed right away
• a type of bank account used to manage bills and other daily expenses (wants & needs)
• a type of investment account used to buy and sell stocks
• a type of bank account where you deposit a lump sum of money, gain interest, until the maturity date

The routing number identifies which of the following?

• The Account
• The Bank
• The Account Clearing House
• The Check Number

This occurs when the amount you withdraw from your account is more than your balance.

• Overdraft
• Overdue Payment
• Online Transfer
• Overspending

A ______________ is a list of transactions in your bank account, along with a running balance.

• check log
• check schedule
• check register
• check report

When writing a check, the company or person receiving the check is called the ___________________.

• receiver
• payee
• check holder
• endorsee

Money withdrawn from your checking account is called a ______________________.

• debit
• credit
• deficit
• debt

When you deposit money into your checking account, this is called a / an ___________________.

• debit
• credit
• advance
• investment

A fee charged by banks in order to cover costs associated with managing customer accounts is called a ______________________________.

• usage fee
• ATM fee
• support fee
• maintenance fee

Which of the following is considered a withdrawal from an account?

• Using a debit card to pay for a purchase.
• Getting money from an ATM.
• Transferring money to a different account.
• All of these are withdrawals

Checking accounts should be used for __________________.

• everyday transactions
• saving for short-term goals
• saving for long term goals
• an emergency fund