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WorksheetsChecking/Depositing Practice Quiz
Total questions: 16
Worksheet time: 12mins
A deposit account at a bank that allows unlimited deposits and withdrawals of money is known as a....
Savings Account
Checking Account
Check Casher
Trust Fund
This method of depositing checks uses a mobile device to take a picture of a check and deposit it any time of day.
Direct Deposit
P2P Deposit
Virtual Bank Teller
Mobile Check Deposit
Which of these is NOT an example of a P2P payment
Venmo
Paypal
Apple Pay
ATM Machine
Zelle
How many times can a bank charge you for overdrawing on your account in a single day?
1
5
0
It depends on your specific banks policy
Lifeline Checking accounts are designed to help ___________ have a basic checking account with little to no maintenance fees.
Lower income customers
Higher income customers
Celebrities
Customers with chronic illnesses
What is the most convenient way of depositing your check from an employer?
Physically depositing with a bank teller
Using an ATM machine at your bank
Using mobile check deposit
Signing up for direct deposit
Why might it take up to 6 days for a deposited check to clear?
Your bank is too slow
The amount of money may be much larger than previous deposits
It would never take 6 days for a check to clear
This only happens when you deposit it with a bank teller.
True/False: Overdraft protection does not allow you to overdraw on your account.
True; this is always effective and keeps the user from getting overdraft fees
False; It only protects you from overdrawing TOO MUCH money on your account
This pocket sized device allows users to freely withdraw money from their checking account, and have instant access to their funds
Credit Card
Debit Card
Traveler's Check
What is the difference between a checking account and a savings account?
Checking accounts allow you to withdraw money as often as you'd like; Savings only allows limited withdrawals.
Savings accounts are the ONLY accounts that can collect interest for the customer
Savings accounts allow you to withdraw money as often as you'd like; Checking only allows limited withdrawals.
A savings account gives the user the ability to write checks for items.
Which two types of checking accounts are recommended for users new to managing money?
Interest Bearing Acct ; Free Checking Acct
Free Checking Acct ; Joint Checking Acct
Premium Checking Acct ; Interest Bearing Acct
Lifeline Acct ; Second Chance Acct
The cost of borrowing money, where the borrower pays a fee to the lender for the loan is known as...
Interest
Overdraft
Financing
Lending
Why would someone choose to be "unbanked?"
They want to avoid overdraft and maintenance fees
Check Cashing and prepaid debit cards are less expensive methods
Many don't understand how to manage money
Banks cannot be trusted
What does it mean to be "unbanked"?
Choosing not to use a bank or similar financial institutions
Creating your own bank
Using Credit Unions
None of these are correct
Of these 3 options; ApplePay / Google Pay / Samsung Pay, Which is more widely used at available retailers?
Apple Pay
Samsung Pay
Google Pay
They are all the same
Which of these is NOT a benefit of using a checking account?
You can write checks
Make purchases with debit card connected to your account
Use the bank’s online bill pay service to pay one time bills or set up recurring payments
Set up autopay through a company where you have an account, such as utilities and credit cards
Own shares of the bank itself, making you a shareholder
