Exploring the Fundamentals of Banking

This video, presented by Ben Jorgans, covers essential financial literacy topics for college students. It begins with an introduction to banking basics, including the types of accounts and the importance of using financial institutions. The video then explains how to write and manage checks, understand bank statements, and prevent identity theft. It also provides guidance on budgeting, tracking expenses, and saving money. Finally, it offers money management tips specifically for college students, emphasizing the importance of controlling spending and planning for the future.

What are the two main types of deposit accounts?

• Credit and Debit accounts

• Checking and Savings accounts

• Loan and Mortgage accounts

• Investment and Retirement accounts

What is essential to include when writing a check?

• The date and amount in words

• The recipient's phone number

• A smiley face

• Your phone number

What is a restrictive endorsement on a check?

• For deposit only

• Pay to the order of someone else

• A signature only

• A special message

How can you prevent identity theft according to the video?

• By always carrying your ID

• By sharing your PIN with family

• Ordering checks from your bank and signing cards

• Using the same password for all accounts

What is the purpose of balancing your checkbook?

• To make the checkbook lighter

• To match your records with the bank statement

• To find out how much money your friends have

• To ensure your bank is honest

What is a key step in preparing a budget?

• Tracking daily spending

• Only saving money

• Ignoring your expenses

• Spending all your money at once

What should you do if you get a raise or bonus according to the video?

• Put it into savings

• Give it away

• Spend it immediately

• Invest in stocks without research

How can you decrease spending?

• Buying everything on sale

• Using multiple credit cards

• Carrying only small amounts of cash

• By shopping for fun

What should you do with your tax refund according to the video?

• Go on a vacation

• Save as much as you can

• Buy a new phone

• Eat out at expensive restaurants

Why is it important to choose the right bank as a college student?

• To have a place to hang out

• To get the best student loans

• To ensure financial stability

• To avoid having to manage money