Banking

You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

• Process the largest check first

• Process the smallest check first

• Process the checks in chronological order

• Process the checks randomly

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

• Use weak and common passwords

• Use strong and unique passwords

• Avoid using public Wi-Fi networks

• Regularly monitor your account activity

Which is NOT a typical goal for a savings account?

• Saving for retirement

• Saving for a down payment on a house

• Saving for a vacation

• Saving for a new car

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 products

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

What is a typical overdraft fee?

• $15

• $25

• $35

• $50

Which of the following accurately describes a difference between compound interest and simple interest? Compound interest is calculated on the initial amount only, Simple interest is calculated on the initial amount only, Compound interest stays the same each year, Simple interest grows faster over time

• Compound interest is calculated on the initial amount only

• Simple interest is calculated on the initial amount only

• Compound interest stays the same each year

• Simple interest grows faster over time

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

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

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

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

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

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:

• US Treasury Department

• Federal Reserve

• Consumer Financial Protection Bureau

• Internal Revenue Service

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

• 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