NGPF Checking Review

12. Three of these statements best describe a checking account.

13. Which statement does NOT?

• 1. This account offers a convenient way to pay bills and access cash from an ATM

• 1. This account is automatically debited when you use a debit card

• 1. This account pays you interest on money you have put away for later to help your money grow

• 1. This account typically allows an unlimited number of transactions per month

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

• Setting up a direct deposit
• Depositing a check
• Withdrawing cash from an ATM
• Buying a shirt at the store with cash.

19. FDIC Insurance is...

• 1. Insurance bank branches can buy to protect their business against fraud and scams

• 1. Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business

• 1. Required if you want to do online or mobile banking

• 1. Optional coverage consumers can purchase so that their bank deposits remain safe

24. Fill in the blanks:

25. Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.

• 1. employer,

  2. bills

• 1. parents,

  2. allowance

• 1. state government, taxes

• 1. employer,

  2. paycheck

28. Why is it important to check your bank statements on a regular basis?

29. Choose all that apply.

• • To check your balance

• • To check for any fraudulent charges

• • To check for any errors (e.g. Transactions that may have been charged twice, etc)

• • To see if any checks you wrote have been processed (also known as “cleared”)

This machine is located at bank or in shopping locations and allows a person to manage their funds by using their debit card to withdraw or deposit money, viewing account balances, etc., sometimes for an additional fee. What is the name or acronym for this machine?

The term for...

the amount of money you have in your bank account.

• total deposits
• withdrawal limit
• account balance
• savings amount

The term for...

A monthly document prepared by your financial institution which shows all of the transactions related to your account.

• account summary
• financial overview
• bank statement
• transaction report

The term for...

A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee.

• invoice
• receipt
• promissory note
• check

The term for...

A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.

• Transaction log
• Expense report
• Bank statement
• Check register