
Unit 2 - Checking (Newcomer) Quiz
Authored by John Cullen
Financial Education
10th Grade
Used 1+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does FDIC stand for and what does it provide?
FDIC stands for Federal Deposit Insurance Corporation and it provides free checking accounts.
FDIC stands for Federal Deposit Insurance Corporation and it provides security for money deposited in banks up to $250,000.
FDIC stands for Financial Depository and Investment Corporation and it provides budgeting services.
FDIC stands for Financial Depository and Investment Corporation and it provides overdraft fees.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
WHy should you use a bank instead of keeping money at home?
Because banks offer free checking accounts and help you manage your money.
Because banks charge overdraft fees and provide budgeting services.
Because banks have FDIC insurance and offer security for money up to $250,000.
Because banks offer cash all over the place and help you create a budget.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one way to stay on top of your money?
By reading and checking our bank statements.
By contacting our bank for lower fees.
By withdrawing cash from ATMs.
By earning income from government benefits.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a bank statement show?
The dates for the statement.
The record of money going out.
The fees you may be paying.
All of the above.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the recommended amount to keep in a checking account as a cushion?
One full paycheck
Six months worth of expenses
All available funds
No specific amount
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is direct deposit?
A way to put your paycheck in the bank by going there.
A way to put your paycheck in the bank without going there.
A way to get paid with a paper check from the company.
A way to save money for emergencies.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do operators of cashless stores claim that eliminating cash boosts productivity and efficiency?
Employees no longer have to make change, count bills or roll quarters.
Food handlers don't have to touch money teeming with bacteria and viruses.
Cashless registers present no incentive for theft or robbery.
All of the above.
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