5. All of the following are true about prepaid cards EXCEPT…

Prepaid cards are a great way to build credit

Prepaid cards typically include a lot of fees

Prepaid cards are a useful option for someone who is unbanked to make online purchases

Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

6. You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…

A new cell phone, college tuition, a house down payment

Retirement, a house down payment, college tuition

A new cell phone, dinner with friends this weekend, a new bike

Retirement, college tuition, a vacation

8. Which represents the BEST time to start saving for your retirement?

As soon as you have your first full-time job

Right after you pay off your student loans

Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage

At age 45, so you have exactly 20 years until retirement

9. Which of the following statements is TRUE?

The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

The majority of Americans have an adequate emergency fund

The majority of Americans have sufficient amounts of money saved for retirement

The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement

11. Which of these is a reason someone might choose to open an online savings account rather than a savings account at a traditional bank?

Online savings accounts typically pay higher interest rates on deposits

Online savings accounts are FDIC insured to a higher limit

Online savings accounts are less likely to make you the victim of identity theft

Online savings accounts are created specifically for people under age 25

12. Three of these statements best describe a checking account. Which statement best describes a savings account?

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

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

This account is automatically debited when you use a debit card

This account typically allows an unlimited number of transactions per month

13. You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

Aunt Tina and her family have high paying jobs and don’t worry much about money

Aunt Tina only receives paper paychecks instead of direct deposit

14. You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

It is deducted directly from your checking account

Your credit card company covers the cost

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

It is deducted directly from your savings account

16. Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Contact her bank immediately as it appears that her account may have been hacked

Wait until her monthly statement arrives so she can check to see if those withdrawals are still there

Wait a week as it is fairly common for the bank to catch mistakes like this

Check her wallet to be sure her debit card has not been stolen. If she still has it, then she should not worry.

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

Using your debit card to pay for groceries at the supermarket

Writing your monthly rent check which you will mail tomorrow

Using your credit card to pay for your school books

Depositing a check at a local bank branch

18. Which of the following statements is an advantage of online banking?

Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

Using online banking allows you to earn a higher interest rate

You can only shop online if your bank account has online banking features

19. FDIC Insurance is...

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

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

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

Required if you want to do online or mobile banking

20. When signing up for a new checking account, you answer "Yes" to receive overdraft coverage. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn

Since you requested overdraft coverage, the bank will not allow you to overdraw your account so your debit card will be denied

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed

22. When signing up for a new checking account you answer "No" and opt out of overdraft coverage. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?

Since you declined overdraft coverage, the bank will not allow you to overdraw your account so your debit card will be denied

You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn

The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed

23. A person-to-person payment app could be used in each of the following scenarios EXCEPT...

Mia pays Cheesy Pizza Co. for a pizza she orders on their website

Tina pays her neighbor $200 for breaking his window with a softball

Rafael writes a check to cover the entire month’s rent, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent

Ahmed's soccer coach pays the team's registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee

25. All of the following are downsides of being unbanked EXCEPT:

Lack of fees associated with banks

Difficulty making cashless purchases

Banking - Unit Test

Quiz

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others

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Practice Problem

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Medium

Ryan Ledford

Used 4+ times

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34 questions

Show all answers

1.

OPEN ENDED QUESTION

30 sec • Ungraded

First Name:

Evaluate responses using AI:

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2.

OPEN ENDED QUESTION

30 sec • Ungraded

Last Name:

Evaluate responses using AI:

OFF

3.

OPEN ENDED QUESTION

30 sec • Ungraded

Hour/Class:

Evaluate responses using AI:

OFF

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

Regular savings account

Money Market account

Checking account

Certificate of Deposit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which of the following is an effective strategy for personal saving?

Wait until the end of the month and save whatever is left in your checking account

Save a certain percentage of each paycheck and deposit it directly into a savings account

Cover all of your wants and needs and save whatever is left over

Take out a payday loan so you can save before you receive your paycheck

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?

3 months

9 months

24 months

30 months

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. All of the following statements about bank accounts are true EXCEPT…

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails

Many banks pay interest on the money you deposit into your savings account

Historically, savings accounts earn higher returns than investments in the stock market

Money in a checking account is usually easy to access via ATM, debit card or check

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Banking - Unit Test

34 questions

First Name:

Last Name:

Hour/Class:

1. Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?

2. Which of the following is an effective strategy for personal saving?

3. Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?

4. All of the following statements about bank accounts are true EXCEPT…

5. All of the following are true about prepaid cards EXCEPT…

6. You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…

7. Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.

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7. Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _________, 30% of your monthly income toward _, and 20% of your monthly income toward ________.