Responsible Banking Quiz

What is a Checking Account Register?

• A digital app for tracking expenses

• A lined and divided journal to record checking account activity

• An online banking service

• A type of savings account

What is the main idea of responsible banking?

• To spend money on entertainment

• To rely on bank statements for account balance

• To manage your money and catch bank errors or fraudulent charges

• To use only cash for transactions

What does 'Reconciling' mean in banking terms?

• Closing an existing bank account

• Applying for a loan

• Making sure you and the bank agree on your account balance

• Opening a new bank account

What is the most frequent and costly banking mistake?

• Depositing checks

• Using a credit card

• Overdrafting your account

• Paying bills online

What is the benefit of using a budgeting app?

• It replaces the need for a bank account

• It automatically invests your money

• It provides a running balance of your account

• It offers discounts on purchases

What are ACH electronic payments also known as?

• Direct deposits

• EFT (electronic funds transfer) payments

• Wire transfers

• Credit card payments

Why is it important to track your spending?

• To qualify for a loan

• To increase your credit score

• To avoid paying taxes

• To ensure you don't overdraw your checking account

What should you do if your bank statement and personal records don't match?

• Close your bank account

• Report any fraudulent transactions to your bank

• Switch to a different bank

• Ignore the discrepancy

What percentage of customers regularly use online banking?

• 30%

• 43%

• 71%

• 50%

What is the first step in reconciling your bank account?

• Ignore any discrepancies

• Withdraw all your money

• Match your records with the bank's statement

• Close your account