Banking Basics Check-in

This account allows you to withdraw money, pay a bill, or make purchases easily.

• Checking Account
• Savings Account
• Market Money Account
• CD Account

This allows you to withdraw cash from your account or make payments electronically.

• Debit Card
• Loan Account
• Signature Card
• Payday card

How many withdrawals occured on 4/2/14?

• 1
• 2
• 5
• 8

What does it mean to make a withdrawal?

• Find the amount of money in the account
• Add money to the account
• Subtract money from the account
• Write a check

The balance in your account is $500.  You then deposit $23 into your account.  What is your new balance?

• $500
• $477
• $523
• $23

The simple interest formula is I=Prt.  What does the t represent?

• Principle
• Interest
• Time
• Percent Rate

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

• $7.50
• $26.25
• $87.5
• $262.50

What should be written on line 2?

• the date
• the amount of the check
• who the check is going to
• your signature

After much shopping, Mitzi found a car she’d love to buy. When it comes time to talk about financing, the salesperson at the dealer says, “I can offer you 5% on $32,000 for 4 years.” The principal is ​ ​ (a)   . The interest rate is ​ (b)   . The term is ​ (c)  

• $32000
• 5%
• 4 years

Which of the following best describes what FDIC Insurance is?

• A government backed policy that protects your money if a bank fails

• A bank program that protects you from high overdraft fees

• Additional accounts offered by banks to save for car and home insurance