WorksheetsBanking Basics - Unit 1
Total questions: 20
Worksheet time: 2hrs 40mins
What is the RULE OF 72?
The number of years it takes for a certain amount of money to double in value ; 72 DIVIDED by its annual rate of interest.
The number of years it takes for a certain amount of interest to accrue. It is 72 MULTIPLIED by its annual rate of interest.
What type of card allows you to make purchases, withdraw money from an ATM, and requires a 4-digit PIN?
Credit Card
Check Card
Gift Card
Debit Card
What is a SAVINGS ACCOUNT?
a bank account that you cannot deposit your money from for a specific amount of time
a bank account that you can write checks from
a bank account that earns interest
What is a CHECKING ACCOUNT?
A type of bank account that allows check writing, withdrawals and deposits of your money.
a bank account that earns interest
a bank account where you invest your money for long term growth
What is it called when you take money out of your checking account?
Check Register
Deposit
Withdrawal
What should you do before you use an ATM?
Inspect the ATM and its surroundings to make sure it is safe to use.
Share your pin number with trusted friends so you don't forget it.
Memorize your debit card number because you'll need to type it in at the ATM
Which of the following will most benefit you financially?
A savings account that compounds interest daily
A checking account that compounds interest monthly
A savings account that compounds interest yearly
What is it called when you put money into your bank account?
Deposit
Withdrawal
Bank Statement
What is a MONEY MARKET ACCOUNT?
An interest-earning deposit that requires the funds to remain deposited for a fixed term. Withdrawal of the funds before the term expires results in a financial penalty.
A nonprofit financial institution that is owned by its members and organized for their benefit.
A type of savings account that pays a higher interest rate AND allows you to write/deposit checks for everyday use.
Which of the following are examples of ways to save money?
Certificate of Deposit (CD)
Money Market Account
Savings Account
All of the above
Use the above figure to answer the following: The first set of numbers (74894934) on the check represents the:
Bank account number
Check number
Bank routing number
Member number
Use the above figure to answer the following: The set of numbers (101) on the top-right of the check represents the:
Check number
Bank account number
Member number
The bank routing number
Which type of bank account typically offers no interest?
Savings Account
Money Market Account
Certificate of Deposit (CD)
Checking Account
What is an OVERDRAFT FEE ?
A fee you pay to see Mr. French's three legged horse
A charge when more money is spent than what it is in the account.
moving a balance from one account to another
What is the record of all deposits and withdrawals from a checking account?
Balance
Check Register
Direct deposit
What is the total amount of money in a bank account at any given time?
FDIC
Overdraft Fee
Account Number
Balance
Which of the following typically has the lowest fees or costs to use?
Debit Card
Credit Card
Cash Advance
Payday Loan
Which type of bank account is best for everyday transactions?
Savings Account
Certificate of Deposit
Checking Account
If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?
The local police station
Your bank
The CFPB
Which of the following statements about SAVINGS ACCOUNTS is FALSE?
Savings accounts allow an unlimited amount of withdrawals each month.
Savings accounts are best used to store money for longer-term goals
Savings accounts pay interest on the money you deposit.
