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WorksheetsUnit 2 - Checking
Total questions: 10
Worksheet time: 5mins
Which takes money immediately out of your checking account?
Debit Card
Credit Card
Check
Why do should you have alerts set on your accounts? Select all that apply
Protects against overdrawing an account
Keeps you aware of your balances
Lets you know about fraudulent charges
Tells you when fees hit your account
Tells you when you are near a branch
You get an alert that your balance is below $50 and you know you wrote a check for $100 today. It will come out of your account soon. What should you do?
Wait to go negative and then transfer money
Transfer money from your savings account to cover the check
Call the bank and ask them not to validate the check
Nothing
How long does it typically take for a check deposited online to hit your account? (Holding Period)
That Day
1-7 business days
2-5 Business Days
Hours
What does FDIC Insured mean?
The bank has to give you ALL your money back in the invent of the bank closing
The bank has to give you $200 your money back in the invent of the bank closing
The bank has to give you $1000 your money back in the invent of the bank closing
The bank has to give you $250,000 your money back in the invent of the bank closing
How much is an overdraft fee normally?
$10
$100
$35
$3500
What does overdraft protection do?
Protects you from fraudulent accounts
Covers you incase your account balance goes negative
Keeps your account from getting hit with fees
None of the above
True or False: Checks clear in your account right away
True
False
What is the formula to find out the balance in your account?
Ending Balance = Previous Balance + Deposits + Withdrawals
Ending Balance = Previous Balance - Deposits + Withdrawals
Ending Balance = - Previous Balance + Deposits - Withdrawals
Ending Balance = Previous Balance + Deposits - Withdrawals
True or False: You can receive fees in a checking account
True
False
