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WorksheetsModule 5 Financial Services Test
Total questions: 20
Worksheet time: 11mins
Pete sets aside $50 each month from his earnings to have money for a car down payment. What is the best way for him to store his money?
Keep it in a good hiding place at home so it doesn't get stolen
Deposit into his savings account
Put it in his checking account
After you write and sign your check, who can legally cash it?
Only the person you wrote it to
You and the person you wrote it to
The bank
Who is responsible for keeping track of your available bank balance? (the money in your account)
The stores where you make purchases
The Bank where you keep your money
You are
You can't find your debit card anywhere, what should you do?
Call the bank right away so that it is cancelled
Close your bank account
Wait a few weeks to see if you can find it
Which of the following can you do with online banking? (your bank app)
Check your account balance
make a transfer or payment to someone or to a store
receive alerts if something changes with your account
All of the above
What kind of account should you have for your emergency fund (remember Dave Ramsey!)?
Checking account
Savings account
Investment account
When you use your debit card, the bank will immediately remove the funds from your account.
True
False
If you write the wrong name in the PAYEE section of the check, it's ok to cross it off and write another name
True
False
Credit Unions and Banks offer the same types of financial services.
True
False
Debit cards and Gift cards are both attached to your checking account
True
False
To keep your financial information safe, you should do the following. Check all that apply
Keep your PIN and account numbers private
email your mom your debit number so she can use your card
review your bank statements on your app to make sure there are no unusual transactions
Don't buy something online unless it's a verified secure website
Which of the following is a fee your bank will charge if you do not have enough money in your account to cover your purchases?
Service fee
Overdraft fee
Transfer fee
Banks often offer student accounts with no monthly fees to high school or college students
True
False
To open an account when you are over 18, you need to bring the following:
at least $300
your most recent report card
Your drivers license or other photo id
If you are under 18, your parent will need to be on your account.
True
False
If your paychecks are automatically deposited into your checking account it's called?
Online Bill Pay
Direct Deposit
Automatic transfers
What is one reason people write checks instead of paying another way?
They want proof of their payment (a check is a receipt)
They like carrying a cute checkbook in their pocket
It's a faster way to pay than their debit card
At an ATM machine, you can do which of the following? Check all that apply
pay bills
get cash from your account
deposit cash or a check
check your account balance
If you purchase something on the internet, make sure you look for the following on the website page:
SECURE
APPROVED by the FEDERAL TRADE COMMISSION
You see an email that says your debit card is no longer valid. It contains a web link where you can confirm your information and reactivate your card. You should.....
Tell your parents because this is a false email, they are PHISHING for your financial information
Click on the link and tell them everything they ask so your card will be reactivated
forward the email to your friends to see what they would do
