Banking

People who are unbanked are most likely to...

• Have a low income

• Have a high income

• Own multiple credit cards

• Be financially literate

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

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

• Proof of identity

• Proof of address

• Social security number

• Minimum age requirement

What is a typical overdraft fee?

• $15

• $25

• $35

• $50

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

How does inflation impact the money in your savings account?

• It increases the value of your money

• It decreases the value of your money

• It has no effect on the value of your money

• It makes your money grow faster

Saving accounts differ from checking accounts in that...

• Saving accounts have higher interest rates

• Checking accounts offer more withdrawal options

• Saving accounts require a minimum balance

• Checking accounts earn interest

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

• They are more likely to have a low income

• They have a high disposable income

• They are less likely to use banking services

• They are more experienced with financial matters

Overdraft protection...

• Allows you to withdraw more money than you have in your account

• Is a type of loan that must be repaid immediately

• Is a service that charges fees for insufficient funds

• Is a method to increase your account balance

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

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

• 40% for needs, 30% for savings, 30% for wants

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

• 60% for needs, 20% for savings, 20% for wants