Banking Quiz Review

Which account type would be best for Juan's $1,000 savings from his summer job if he doesn't need access to the money for years and wants the highest interest rate?

• Regular savings account

• Money Market account

• Checking account

• Certificate of Deposit

What should you do first if you lose a check from a friend before cashing it?

• Write a new check for yourself

• Contact your friend to issue a stop payment

• Contact your bank to issue a stop payment

• Accept that the money is lost

Digital wallets and P2P payments have made the use of which of the following less necessary?

• Mobile phones

• Driver's license

• Physical cash

• Insurance cards

Which statement best describes a savings account?

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

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

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

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

When using a debit card at a supermarket, where does the money for the purchase come from?

• Your credit card company covers the cost

• It is deducted directly from your checking account

• Your credit card company provides you with a cash advance to cover the cost

• It is deducted directly from your savings account

Which transaction will REDUCE your checking account balance immediately?

• Writing your monthly rent check which you will mail tomorrow

• Using your debit card to pay for groceries at the supermarket

• Using your credit card to pay for your school books

• Depositing a check at a local bank branch

What is FDIC Insurance?

• Optional coverage consumers can purchase to keep their bank deposits safe

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

• Required if you want to do online or mobile banking

• Protection for bank customers' deposits up to $250,000 if the bank fails

What's likely to happen if you overdraw your account with overdraft coverage?

• Your account will be closed

• You will likely be charged an overdraft fee and need to repay the overdrawn amount

• Your debit card will be denied to prevent overdrawing

• The bank will give you five days to add funds without fees

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

Which is NOT a way banks contribute to the economy?

• Providing a secure place to store money

• Issuing stock in companies

• Lending money to businesses and individuals

• Moving money between parties through services like wire transfers