Banking Basics Quiz

What are the two main types of deposit accounts?

• Credit and Debit accounts

• Checking and Savings accounts

• Loan and Mortgage accounts

• Investment and Retirement accounts

What is essential to include when writing a check?

• The date and amount in words

• The recipient's phone number

• A smiley face

• Your phone number

What is a restrictive endorsement on a check?

• For deposit only

• Pay to the order of someone else

• A signature only

• A special message

How can you prevent identity theft according to the video?

• By always carrying your ID

• By sharing your PIN with family

• Ordering checks from your bank and signing cards

• Using the same password for all accounts

What is the purpose of balancing your checkbook?

• To make the checkbook lighter

• To match your records with the bank statement

• To find out how much money your friends have

• To ensure your bank is honest

What is a key step in preparing a budget?

• Tracking daily spending

• Only saving money

• Ignoring your expenses

• Spending all your money at once

What should you do if you get a raise or bonus according to the video?

• Put it into savings

• Give it away

• Spend it immediately

• Invest in stocks without research

How can you decrease spending?

• Buying everything on sale

• Using multiple credit cards

• Carrying only small amounts of cash

• By shopping for fun

What should you do with your tax refund according to the video?

• Go on a vacation

• Save as much as you can

• Buy a new phone

• Eat out at expensive restaurants

Why is it important to choose the right bank as a college student?

• To have a place to hang out

• To get the best student loans

• To ensure financial stability

• To avoid having to manage money