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WorksheetsBanking: Managing Your Money
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
It is suggested that you keep how much money in a liquid account?
a)
One to two weeks' living expenses.
b)
One to two months' living expenses
c)
Three to six months' living expenses.
d)
One year's living expenses.
2.
A checking account may
a)
pay interest
b)
require minimum balance
c)
have a service charge
d)
all of the above
3.
Of the accounts listed, which type usually pays the lowest interest rate?
a)
Checking account
b)
savings account
c)
CD.
d)
Money market account
4.
You would probably not pay a fee in which of the following circumstances?
a)
Using an ATM for your own bank
b)
Using an ATM for a different bank
c)
Having an overdraft
d)
Having under the minimum balance in a money market account
5.
For which type of account do you agree to leave your money on a deposit for a certain period of time?
a)
Checking account
b)
Savings account
c)
Certificate of deposit
d)
Money market account
6.
The FDIC currently insures bank accounts up to
a)
$100,000
b)
$150,000
c)
$200,000
d)
$250,000
7.
A debit card purchase or withdrawal takes money out of your account
a)
Immediately
b)
In one or two days
c)
in one week
d)
in one month
8.
Checks that have been but not returned to the bank for payment are called
a)
cancelled checks
b)
overdrafts
c)
outstanding checks
d)
ATM withdrawals
9.
Who may deposit money into a credit union?
a)
Anyone
b)
Members of the credit union
c)
Only those that can deposit at least $5,000
d)
Only those that want to borrow money from the credit union
10.
When completing a reconciliation for your bank account,
a)
you do not need to know which checks are outstanding
b)
Service fees charged by the bank are added to your check register
c)
outstanding deposits are added to the bank statement balance
d)
Outstanding checks are added to the bank statement balance
11.
An asset that is liquid cannot be converted into cash easily.
a)
True
b)
False
12.
A bank cannot charge you a service charge when:
a)
You have a bank account
b)
You write too many checks
c)
You fail to reconcile your account
d)
You do not keep the minimum balance required
13.
A check register is a record of all your deposits, checks written, and withdrawals in your account.
a)
True
b)
False
14.
An overdraft is a service charge for opening an account.
a)
True
b)
False
15.
Electronic Banking is banking done online.
a)
True
b)
False
16.
Postdating checks is writing a future date on a check, hoping it won't get cashed before you get paid.
a)
True
b)
False
17.
A debit card is mainly used to withdraw money from your account or to make purchases.
a)
True
b)
False
18.
ATM stands for "Always tell Mother" and is used to make sure you always spend your money wisely.
a)
True
b)
False
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