Banking

How can you protect your checking account when using online and mobile banking?

• Use strong and unique passwords

• Avoid using public Wi-Fi networks

• Regularly monitor your account activity

• All of the above

What are some reasons for why so many Americans live paycheck-to-paycheck?

• Low wages

• High cost of living

• Lack of financial education

• All of the above

What feature is the LEAST important for a college student to look for in a checking account?

• Low or no monthly fees

• Convenient ATM access

• High interest rates

• Online and mobile banking

About how much should you save in an emergency fund?

• 1 month of expenses

• 3 months of expenses

• 6 months of expenses

• 1 year of expenses

Why is understanding a bank's fees particularly important for students or young adults?

• They are more likely to have a low income

• They are more likely to have a high credit score

• They are more likely to have a mortgage

• They are more likely to have a college degree

How does the 50-20-30 rule distribute your income?

• 50% for needs, 20% for savings, 30% for wants

• 50% for savings, 20% for needs, 30% for wants

• 50% for wants, 20% for savings, 30% for needs

• 50% for needs, 20% for wants, 30% for savings

Which of the following is NOT a common way most people are using P2P, such as Venmo?

• Splitting bills with friends

• Paying rent or utilities

• Sending money to family members

• Investing in stocks

Which of the following is FALSE about check registers?

• They help you keep track of your account balance

• They are used to record deposits and withdrawals

• They are no longer necessary with online banking

• They can help you detect errors or fraud

Which of the following is NOT required to open a checking account?

• Proof of identity

• Proof of address

• Social security number

• Minimum age requirement

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit institutions, while credit unions are non-profit

• Banks offer higher interest rates on savings accounts than credit unions

• Credit unions are insured by the FDIC, while banks are not

• Banks are owned by their customers, while credit unions are owned by shareholders