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WorksheetsPF Part A Module 5 Financial Services
Total questions: 15
Worksheet time: 14mins
Name
Class
Date
1.
Pete sets aside $50 each month from his earnings to have money for a car down payment. Of the following choices, what is the best way for him to store the money each month until he meets his goal for a down payment?
a)
Purchase another share of his favorite stock.
b)
Keep the money in a good hiding place at home so it doesn’t get stolen.
c)
Deposit the money into his savings account.
d)
Deposit the money into his checking account.
2.
What is one benefit to using a checking account that is not a benefit of using a savings account?
a)
electronic deposits and withdrawals
b)
proof of payment
c)
interest earned
d)
insured deposits
3.
As you scroll through your recent email messages, you are alarmed to see a message that your debit card is no longer valid. The message includes a web link where you can confirm information to reactivate your card. This may be an instance where you have been a victim of …
a)
phishing
b)
spam
c)
spyware
d)
freeware
4.
After you write and sign your check, who can legally cash the check?
a)
you and the payee
b)
any family member of the payee
c)
only the payee
d)
the bank or credit union and the payee
5.
You received a text message from your favorite music store. The message says, “We are offering a special half-price-off sale for our frequent customers.” When you return the message, you are told that you can only get the discount if you order by phone. You have been thinking about buying speakers, and this is a good deal to cut down on the cost. Of the following, which is the best action you should take?
a)
Place the order, and give the caller contact information for one of your friends so your friend can also take advantage of the sale.
b)
Make the call and be prepared to place the order using your debit card for payment.
c)
Make the call to place the order only if you can pay when you receive an invoice.
d)
Use the phone number from a previous sales slip or other trusted source to call the company to confirm the sale information.
6.
Who is responsible for confirming your bank account balance?
a)
you
b)
the debit card company
c)
the stores where you made the purchases from the account
d)
your bank or credit union
7.
Who has primary responsibility for verifying information on your bank statement to detect any fraud or errors?
a)
The businesses where you made payments by debit card or check
b)
Any of the three credit reporting companies
c)
Your bank or credit union where you have the account
d)
You
8.
You have searched everywhere for your debit card. You think it may have been stolen. Of the following actions, what is the best thing to do now?
a)
Close your bank account.
b)
Wait at least 90 days to report the card as missing or stolen in case you find the card.
c)
File a report with the Federal Trade Commission.
d)
Notify the company that issued your card.
9.
If you use a credit card to buy something online from the Internet, look for the following on the website page:
a)
APPROVED BY THE FEDERAL TRADE COMMISSION
b)
Image of a folder
c)
Image of a lock
d)
SECURE
10.
You can do all of the following with online banking except which of the following banking actions?
a)
Buy clothes.
b)
Receive alerts when your account information has been changed.
c)
Check your account balance.
d)
Deposit a paycheck to your account.
11.
If you suspect that someone may know your online banking login information, what can you do to prevent unauthorized access to your bank account?
a)
Immediately call the Federal Trade Commission.
b)
Get a new photo ID.
c)
Change your login password(s).
d)
Stop using your account(s) to see if there is any activity that you did not authorize.
12.
You can do all of the following with mobile banking except which of the following banking actions?
a)
Receive alerts when your account information has been changed.
b)
Get $20 cash from your account.
c)
Deposit a paycheck to your account.
d)
Transfer money from your account to someone else’s account.
13.
What is an advantage of electronic funds transfer (EFT)?
a)
You earn more interest on an EFT account than a checking account.
b)
This is the best way to always keep your personal and financial information secure.
c)
Your paycheck can be deposited directly to your checking account.
d)
The number of withdrawals from an EFT account is limited so you are not temptedto impulsively use the money.
14.
Which of the following would be a good reason to use online banking?
a)
You won’t have any fees.
b)
A RI resident attends college in Idaho
c)
Your online accounts will earn more interest than your other accounts.
d)
You have trouble keeping track of check payment transactions.
15.
You can do all of the following at an ATM except which of the following banking actions?
a)
Deposit a paycheck to your account.
b)
Check your account balance.
c)
Get $60 cash from your account.
d)
Transfer money from your account to someone else’s account.
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