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Unit 2 - Banking Review

Total questions: 42

Worksheet time: 21mins

Name
Class
Date
1.
When someone I don't know sends me an e-mail asking me to update my information, this is called
a)
Fishing
b)
Thwarting
c)
Phishing
d)
Malwaring
2.
You need to deposit money into an account to use all of the following services except
a)
Savings Account
b)
Share Draft Account
c)
Debit Card
d)
Credit Card
3.
Allows me to see past statements, transfer money, see transaction history, etc.
a)
On-line Billpay
b)
On-line Banking
c)
E-Statements
d)
EFT
4.
A form of payment that is not attached to your name and you cannot spend more than you have.
a)
Check
b)
Giftcard
c)
Money Order
d)
ATM
5.
Which of the following is true about a credit union? 
a)
Owned  by Investors
b)
Customers are called 'Clients'
c)
There are always membership requirements
d)
They only have checking accounts available
6.
What is one benefit to using a debit card that is not a benefit of using a check?
a)
Quicker and Easier
b)
Able to make purchases when you want
c)
Earns interest
d)
Transactions can be verified on-line as soon as they clear.
7.
A feature that banks offer that allows you to send payments from your bank for free.
a)
On-line Banking
b)
Money Order
c)
On-line Billpay
d)
Direct Deposit
8.
Which of the following is NOT necessary to open up a checking/savings account?
a)
Checks
b)
ID
c)
Address
d)
Deposit
9.
If you bounce a check when you make a purchase at a clothing store, what could happen?
a)
You will be charged a fee by the store
b)
You will be charged a fee by your bank
c)
Your credit score can be reduced
d)
All of the above
10.
What is one benefit to using a checking account that is not a benefit of using cash?
a)
Interest Earned
b)
Proof of Payment
c)
Electronic Deposits and Withdrawals
d)
All of the Above
11.
A type of payment that is like a check without the checking account.
a)
Billpay
b)
Money Order
c)
Mobile Banking
d)
Direct Deposit
12.
Who is responsible for keeping track of your debit card purchases? 
a)
Stores will send you statements
b)
Bank/Credit Union
c)
You
d)
Debit Card Company
13.
The number I type in when using my debit card and I want cash from an ATM is called a 
a)
Personal Account Number
b)
Payment Identification Number
c)
Personal Identification Number
d)
Payment Account Number 
14.
A way to have your paycheck instantly put into your account without having to go to the bank.
a)
Direct Deposit
b)
On-line Billpay
c)
On-line Banking
d)
Pay by Phone
15.
Which way do retailers (stores) want you to run your debit card as?
a)
Debit
b)
Credit
c)
Cash
d)
Deposit
16.

Which of these is NOT something to look for when checking the security of the web site?

a)

Locked Padlock

b)

https

c)

Approved by the FTC

d)

Positive Reviews/BBB Review

17.
Which description is true about a bank?
a)
Anyone can be a customer with required documents
b)
Non-Profit Organization
c)
Has Share Accounts
d)
The Board of Directors are volunteers
18.
How many numbers are in a routing number?
a)
7
b)
8
c)
9
d)
10
19.
Online banking is available __________.
a)
During normal local business hours
b)
Every weekday, 8am - 8pm
c)
Everyday, Except Sunday
d)
Everyday, All day
20.
Which is NOT associated with a checking account?
a)
Direct Deposit
b)
Checks
c)
Debit Card
d)
Money Order
21.
Which is NOT a good reason to use On-line BillPay?
a)
Free and eco-friendly
b)
Set up automatic payments
c)
Withdrawal cash
d)
You can mail checks to anyone
22.
How often should you check your transaction history (on-line banking)?
a)
At least every week
b)
At least every hour
c)
At least every 2 days
d)
At least once a month
23.
Which is NOT a method to deposit a check?
a)
Mobile Banking
b)
At the ATM
c)
Inside the bank/credit union
d)
At the Store
24.
How much does the FDIC or the NCUA insure customers/members for at banks and credit unions?
a)
$1,000
b)
$100,000
c)
$250,000
d)
$500,000
25.
When I don't have enough money in my checking account, and I write a check, it will 
a)
Fall
b)
Bounce
c)
Drop
d)
Fail
26.

This form of payment is used when closing an account or for large payments, because the bank will write you a check on its own funds, and is a way to ensure the check is good.

a)

Cashier's Check

b)

Certified Check

c)

Money Order

d)

Gift Card

27.
If you fill out your check clearly and completely, a sales clerk must accept your check for payment.
a)
True
b)
False
28.
Using a debit card for purchases is a low-interest way to buy now and pay later. 
a)
True
b)
False
29.
Stores want you to run your debit card as debit.
a)
True
b)
False
30.
Credit unions and banks provide the same types of financial services. 
a)
True 
b)
False
31.
You should write in ink when filling out a check.
a)
True
b)
False
32.
When you pay with a debit card and choose credit:
a)
business pays the fee, instead of your bank
b)
you cannot get cash back
c)
you might have to sign
d)
all of these are true
33.
After you write and sign a check, who can legally cash the check? 
a)
You and the payee
b)
The bank and credit union and the payee
c)
Any family member of the payee
d)
Only the payee
34.
If you set aside $100 a month to meet a financial goal, where is the best place to store your money?
a)
In hiding
b)
In a savings account
c)
In a checking account
d)
Shares of stock
35.

If you receive a check, what should you do next?

a)

add a blank endorsement when you arrive at the bank

b)

add a restrictive endorsement right away

c)

Either are correct

36.
You are liable for up to $500 if this card is stolen and used if you don't report within 2 business days
a)
Debit Card
b)
Credit Card
c)
Both A & B
d)
Neither A or B
37.
Which of the following is NOT one of the most important things to look for when deciding on a checking account?
a)
Free ATMs (or reimbursements)
b)
High Interest Rate
c)
No monthly fees
d)
Free custom checks
38.

What type of fee will you receive if you swipe your debit card, but did not have enough money in your checking account?

a)

Overdraft Fee

b)

NSF Fee

c)

Minimum Balance Fee

d)

Return Deposited Item Fee

39.

Which type of financial institution typically has higher deposit rates and lower loan rates?

a)

Bank

b)

Credit Union

c)

Online Bank

d)

It is the same at all institutions

40.

After selling your car on Facebook Marketplace, the buyer asks if they can pay you via their phone. Which method of payment would you recommend?

a)

Direct Deposit

b)

EFT - Electronic Funds Transfer

c)

Online Banking

d)

Person-to-Person Payment (Venmo, PayPal)

41.

Which of the following is NOT a benefit of using a digital wallet?

a)

Accepted by anyone and every store

b)

Quick and fast transactions

c)

Easy, free and no internet connection required

d)

Setup is easy. You are able to link payment cards in your wallet app

42.

Your new employers says they will pay you using a payroll card, what is a reason you will tell them that you would prefer a direct deposit into your checking account?

a)

There are lots of fees associated with using a payroll card and withdrawing money from it

b)

People are less likely to transfer money into savings

c)

It requires an additional app to manage the payroll card

d)

All of the above are valid reasons

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