Banking - Outcome Assessment

1. When you swipe your debit card at a store, which account is typically used to fund the transaction?

2. List two downsides of being unbanked.

4. Nora wants to keep track of her spending and is wondering how often she will receive a bank statement for her checking account. How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

5. Aria is managing her finances and needs to know which of the following transactions will REDUCE her checking account balance immediately?

• Writing her monthly rent check which she will mail tomorrow

• Using her debit card to pay for groceries at the supermarket

• Using her credit card to pay for her school books

• Depositing a check at a local bank branch

6. Examine the Checking Account Statement provided. What consequence did John face for overdrawing his checking account?

• John’s withdrawal exceeded his available balance, resulting in the bank depositing $237.81 into his account to cover his expenses.

• John’s withdrawal exceeded his available balance, leading to a $35 overdraft fee being charged.

• John’s withdrawal exceeded his available balance, causing a $5 monthly maintenance fee to be applied.

• John’s withdrawal exceeded his available balance, prompting the bank to transfer $35 from a linked savings account.

7. Analyze the Bank Statement. List the fees Avery was charged on their checking account during this statement period.

When opening a new savings account, you opt for overdraft protection. You have $20 in your account and make the following purchases with your debit card: a book for $25, a coffee for $5, and a gift for $20. What is the most probable outcome of these transactions?

• Your account will be suspended

• You will likely incur an overdraft fee for one or more of the purchases and will need to reimburse the bank for the overdrawn amount

• With overdraft protection, the bank will prevent any overdraft, and your debit card will be declined

• The bank will give you a grace period of three days to deposit funds to cover the overdraft without any fees

When opening a new savings account, you choose to opt out of overdraft protection. You have $20 in your account and make a purchase of $25 using your debit card. What is the most likely outcome of this transaction?

• Your account will be closed immediately

• You will incur an overdraft fee and need to repay the bank the overdrawn amount

• The transaction will be declined as you opted out of overdraft protection

• The bank will allow the transaction and give you a grace period to cover the overdraft without fees

Fill in the blanks: Direct deposit is a method where your ______ transfers your ______ directly into your bank account.

• employer, salary

• bank, loan

• friend, gift

• government, refund

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

• 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
• Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch
• You can only shop online if your bank account has online banking features