Banking Rocks!! When done right:)

What is a checking account primarily used for?

• Long-term investments

• Daily transactions

• Saving for retirement

• Buying stocks

Which of the following is NOT a common feature of a checking account?

• Writing checks

• High interest rates

• Debit card access

• Direct deposit

What is the main purpose of a debit card?

• To borrow money from the bank

• To earn interest on purchases

• To withdraw or spend money from your checking account

• To invest in the stock market and win money

Answer explanation

Yes! That is correct. Using a debit card is just like writing a check. You spend money you have in the bank.

What does it mean to be fiscally responsible?

• Spending more money than you earn

• Saving all your money and not spending any

• Managing your money wisely

• Borrowing money frequently

Which of the following is a benefit of using a debit card? That means it is a good thing! We like benefits.

• It is really big and hard to carry.

• It does not bill you for your purchase until later.

• It allows you to spend money you don't have.

• It helps you manage your spending by using existing funds.

What is an overdraft fee?

(This is a fee when you bounce a check.)

• A fee for not using your debit card

• A fee charged when you spend more money than you have in your account

• A fee for depositing money into your account

• A fee for withdrawing money from an ATM

Why is it important to track your spending?

• To ensure you can spend more than you earn

• To avoid overdraft fees and manage your budget

• To impress your friends

• To earn interest on your checking account

Answer explanation

Yes, it is important to balance your checkbook and always know how much money you can spend to avoid extra fees.

Imagine you just checked your bank app and noticed your checking account is "in the red". What does this mean?

• You have more money than you thought

• You have earned interest on your account

• Your account balance is negative

• Your account is considered premium

How can using a debit card help with fiscal responsibility?

• By allowing unlimited spending

• By providing loans

• By tracking spending and limiting purchases to available funds

• By offering rewards and cash back

What is a direct deposit?

• A way to deposit checks into your account using an ATM

• A method of investing in stocks directly from your checking account, no paper check. Mrs. Jackson gets paid this way!

• An electronic transfer of funds from an employer or other payer directly into your checking account

• A deposit made directly at the bank teller