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WorksheetsBasic Banking
Total questions: 45
Worksheet time: 28mins
An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.
Money Market
Checking
Savings
ATM
Putting money into an account is known as _______________.
Sinking
Placing
Withdrawing
Depositing
Which of the following about Debit cards is NOT true?
They take money straight out of your bank account
You can be charged for using your debit card to take money out of another bank's ATM.
Some banks have a limit on how much you can purchase with your debit card in a day.
You never have to be concerned with someone committing fraud against your debit card.
What is this paper?
It's a tax return paper
It's a credit card statement
It's a bank statement
Account where money is kept for you to spend
Deposit
Withdrawal
Checking account
Account where you save money for the future
Checking account
Savings Account
Deposit
To put money into your bank account
Withdrawal
Deposit
Balance
Account
To take money OUT of your bank account
Withdrawal
Deposit
Bank
Account
Which of the following best describes a LOAN?
Money borrowed that can be paid back if one feels like it.
Money borrowed
Money borrowed with the expectation of paying it back in a timely manner.
Money gifted to someone with no expectation of payback.
Which of the following is not a characteristic of a SAVINGS ACCOUNT?
Safe place to store money
Owners can write checks from the money in the account
Money is protected by Federal Insurance
Money gains interest over time
Great way to save for something you want or an emergency
The amount of money in an account can be defined as:
Your Dough
Money Level
Account Amount
Account Balance
When you make a purchase and have the funds taken directly from your checking account, you use a ___________.
credit card
note from your mother
debit card
driver's license
Liam wants cash from his bank, but it is closed, He will use the ATM. What does he need?
credit card
debit card
savings account
Tyler works part time. He wants to have money for college when he graduates so he won't have to borrow money. What does he need?
credit card
debit card
savings account
Liz received $100 for her birthday. Eventually, she wants to make a down payment on a car, so she wants to earn as much interest on her cash as possible. What does she need?
savings account
checking account
personal loan
A record of your checking account transactions is called a ___________________.
checking account
electronic funds transfer
credit union
check register
Signing your name on the back of a check in order to receive the amount of money written on the front of the check.
withdrawal
endorse
deposit
reconcile
The transfer of money from one bank account to another by electronic means is called an _________________.
electronic funds transfer
credit union
automatic teller machine
check register
This allows you to manage your money from a computer with internet access.
electronic funds transfer
checking account
debit card
online banking
A _____________ is a card that you can use to withdraw money directly from your checking account.
gift card
credit card
debit card
prepaid card
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
Designed for banking customers who have access to a smartphone or tablet
Online banking
Mobile banking
ATM
Debit Cards
What do you fill out when you want to put money in the bank?
check
deposit slip
ticket
form
A sum of money borrowed for a certain amount of time is called a....
loan
down payment
interest
borrow
When you take out a loan, ________ is added on to your total expense. The longer you have your loan, the more of this you will have to pay.
Interest
Inflation
Balance
Loan addend
What is the benefit of direct deposit?
Any overdraft fees are waived
You don't have to spend time and energy depositing a check
You get a tax benefit from the Federal government
When writing a check, it is a good idea to use
pencil
erasable pen
blue or black ink pen
red pen
Another name for an overdraft fee is non-sufficient funds.
true
false
An individual should sign a check to be cashed when in front of a bank teller (employee).
true
false
It is ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.
true
false
Outstaning checks are checks written by the account owner but have yet to be processed by the bank.
True
False
Which part of the check is the least important?
memo line
signature line
routing numbers
check number
If you were going to put your money into a savings account, which bank would you choose?
Bank 1: Interest rate = 2%
Bank 2: Interest rate = 1.99%
Bank 3: Interest rate - 1.9%
Bank 4: Interest rate - 1%
The process in which interest is earned on both the principal and on any previously earned interest.
Compound interest
Simple interest
Interest earned
Interest paid
Banks create money by taking in deposits, making _______, and charging _______.
interest, payments
loans, interest
payments, loans
debt, loans
The kind of bank that provides services for customers and businesses and that is used by most ordinary people
Investment bank
Merchant bank
Commercial bank
Central bank
A small plastic card that you use to buy goods or services (even if you don't have the amount on your account at the moment).
Debit card
Credit card
Cash card
A special plastic card that you can use to pay for things directly from your bank account.
Credit card
Cash card
Debit card
Money or other substance generally accepted as payment for goods and services.
Measure of value
Medium of exchange
Scarcity
Store of Value
1 of 3 functions of money allowing people to preserve value for future use.
Store of value
Divisibility
Portability
Measure of value
