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The video tutorial explains the concept of being overdrawn, which occurs when more money is withdrawn from a bank account than is available, resulting in a negative balance.

What does it mean to be overdrawn?

• Spending more money than is available in your account

• Saving money for future use

• Balancing your account perfectly

• Having more money in your account than needed

Which of the following is a consequence of overdrawing an account?

• Getting a higher credit score

• Earning interest on the negative balance

• Receiving a bonus from the bank

• Incurring fees and penalties

How can you avoid overdrawing your account?

• By regularly checking your account balance

• By withdrawing cash frequently

• By spending more than you earn

• By ignoring your account statements

What is a common method to manage an overdrawn account?

• Closing the account immediately

• Ignoring the overdraft

• Continuing to spend without checking the balance

• Setting up alerts for low balances

Which strategy is effective in preventing overdrafts?

• Relying on credit cards for all purchases

• Using overdraft protection services

• Avoiding all bank transactions

• Writing checks without funds