WorksheetsBanking Review
Total questions: 50
Worksheet time: 43mins
Name
Class
Date
1.
to put money in the bank
a)
Deposit
b)
Withdraw
c)
Overdraw
d)
Balance
2.
to take money out of the bank
a)
Deposit
b)
Overdraw
c)
Withdraw
d)
Balance
3.
to take more money out of your account than is available
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
4.
money which your bank account earns
a)
Balance
b)
Checking
c)
Savings
d)
Interest
5.
Required amount of money in account
a)
Maximum Balances
b)
Minimum Balance
c)
Minimum Deposit
d)
Maximum Deposit
6.
Monthly statement fee, Per check fee, and Debit card (ATM) fee are examples of what?
a)
Charges
b)
Credits
c)
Service Fees
d)
Debits
7.
Minimum amount of money required to open account
a)
Maximum Deposit
b)
Minimum Balance
c)
Maximum Balance
d)
Minimum Deposit
8.
U.S. government agency which insures your bank account up to $250,000
a)
IRS Protection
b)
DHS Protection
c)
FDIC Protection
d)
SS Protection
9.
Which is not a factor you would consider when looking for a Bank or Credit union?
a)
Location
b)
Looks
c)
Free Checking
d)
Services
10.
Which is a difference between Banks and Credit Unions?
a)
Banks have Checking accounts and Credit Unions have Savings Accounts
b)
Banks are for profit. Credit Unions are Non-profit.
c)
Banks can give loans and Credit Unions cannot
d)
Credit Unions allow everyone to join and Banks are selective
11.
What are the two types of accounts available at banks and credit unions?
a)
Checking and Savings
b)
Checking and Loans
c)
Savings and Loans
d)
Debit and Credit
12.
A common financial service used by many consumers. They can help to manage money and make paying bills more convenient.
a)
Income
b)
Check
c)
Checking Account
d)
PIN
13.
Used to withdraw cash or make deposits.
a)
Debit card
b)
PIN
c)
ATM
d)
Check register
14.
An account used mainly to deposit funds to be used for emergencies or future plans.
a)
Savings account
b)
Checking account
c)
Debit card
d)
PIN
15.
A legal document that functions like cash.
a)
Check
b)
ATM
c)
Deposit slip
d)
PIN
16.
The FDIC and NCUA insure an account up to $250,000.
a)
True
b)
False
17.
when your employer automatically deposits your paycheck into your bank account
a)
DEPOSIT
b)
PAYROLL CHECK
c)
ATM
d)
DIRECT DEPOSIT
18.
How is the amount written on a check?
a)
IN WORDS
b)
IN NUMBERS
c)
IN WORDS AND NUMBERS
d)
IN $$$ SIGNS
19.
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should
a)
include the reason that both cash and a check are being deposited.
b)
indicate what bank issued the check that is being deposited.
c)
indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.
d)
list the cash deposit separately from the check as well as the total of the deposit.
20.
The memo line on a check is . . .
a)
Where you sign your name
b)
Optional
c)
Where you should write the amount
d)
Where you should write the check number
21.
A blank endorsement on a check:
a)
Has no effect on the check
b)
Cancels the check
c)
Creates a check that can be cashed by anyone
d)
Restricts the use of the check
22.
E-banking allows 24 hour access to bank accounts.
a)
True
b)
False
23.
Which of these is NOT a reason to save money.
a)
Retirement
b)
Financial emergency
c)
Major purchases
d)
So you can loan it to your friends
24.
A line of credit for checks your account can't cover.
a)
overdraft protection
b)
endorsement
c)
stop payment
d)
canceled check
25.
A __________ is a log where you keep track of all your checking transactions.
a)
statement
b)
register
26.
To balance your records with the bank's records.
a)
reconcile
b)
register
27.
Why is compound interest more advantageous than simple interest?
a)
It’s more difficult to calculate, so fewer people use compound interest, making more profits for those who do.
b)
Compound interest accumulates very rapidly, so you only have to save for 3 years or fewer to earn far more money.
c)
Compound interest is attached to the stocks with the highest risk, so you get the highest interest on them
d)
In compound interest, you earn interest on not only your principal, but also on the interest you’ve already made.
28.
You deposit $1,000 into a five year certificate of deposit (a type of savings account with a fixed rate of interest) earning 1% per year that compounds interest annually. After five years, the balance in your account will be…
a)
About $1000
b)
More than $1000 but less than $1010
c)
More than $1010 but less than $1030
d)
More than $1050
29.
A photo ID is always required to use a debit card.
a)
True
b)
False
30.
Normally requires a computer with username/password to allow customers access to their account.
a)
ATM
b)
Online banking
c)
Debit card
d)
Mobile banking
31.
Designed for banking customers who have access to a smartphone or tablet
a)
Online banking
b)
Mobile banking
c)
ATM
d)
Debit Cards
32.
A depository institution that is for profit
a)
Credit Union
b)
Bank
c)
Credit Card Company
d)
Department Store
33.
Contactless payment is not yet available.
a)
True
b)
False
34.
A checking account may
a)
pay interest
b)
require minimum balance
c)
have a service charge
d)
all of the above
35.
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
36.
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
37.
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
38.
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
39.
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
40.
An asset that is liquid cannot be converted into cash easily.
a)
True
b)
False
41.
Postdating checks is writing a future date on a check, hoping it won't get cashed before you get paid.
a)
True
b)
False
42.
Why do banks charge interest on loans?
a)
Banks don't want people to borrow money
b)
Interest is how banks make money
c)
Interest encourages people to borrow money
d)
Banks want customers to be able to pay their bills
43.
Who would most need overdraft protection?
a)
Someone who always keeps good records
b)
Someone who uses their debit card a lot and doesn't always write it down
c)
Someone who checks on their account activity daily
d)
None of the Choices
44.
"The Fed" refers to the....
a)
Federal Bureau of Investigation
b)
Federal Government
c)
Federal Reserve System
d)
Federal Income Tax
45.
Which of the following is a good check writing practice
a)
writing in pencil
b)
writing in pen
c)
writing in the middle of the legal line rather than starting at the left margin
d)
leaving blank lines on your check
46.
You should always write down your personal identification number and carry it with your debit card in case you forget the number.
a)
True
b)
False
47.
Routing numbers identify the bank where you have an account.
a)
True
b)
False
48.
A once a month statement from your financial institution that lists all checking account acitivity for the previous month.
a)
reconciliation statement
b)
credit union statement
c)
bank statement
d)
stock statement
49.
Prevents the check from being cashed in cases of suspected theft or if you realize the check was written in error
a)
automatic deposit
b)
checking account
c)
stop payment order
50.
Fee charged when an electronic transaction occurs that exceeds your balance
a)
restrictive endorsement
b)
bounced check
c)
overdraft fee
100 %
