A bank account that allows depositors to write checks to make payments

• savings account

• certificate of deposit

• checking account

• retirement account

When should you have a checking account?

• as soon as you turn 16

• by the time you are 30

• nobody needs a checking account

• when you have income and/or pay bills

When you write a check to pay your electric bill, physical money is moved from your bank to the bank your electric company uses.

• True

• False

What is an advantage of using a checking account?

• provides a convenient way to pay bills

• safer than using cash

• built in record keeping system

• all are advantages of using a checking account

A check written for more money than you have in your checking account in called a(n)

• overdraft

• voided check

• canceled check

• certified check

The FDIC insurance each bank account for how much money?

• $10,000

• $25,000

• $100,000

• $250,000

An account opened up by two or more people is called a(n)

• youth account.

• joint account.

• group account.

• business account.

Which of the following is preprinted on each check?

• the payee

• the amount

• the maker's name and address

• the date

Which number identifies your individual checking account at the bank?

• the check number

• the routing number

• the account number

A bounced check is another name for a(n)

• certified check

• voided check

• overdraft

• electronic funds transfer