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WorksheetsFinancial literacy Test
Total questions: 24
Worksheet time: 2hrs 0mins
Electronic banking services include all of the following EXCEPT
Electronic bill pay
Using special applications or text messages on your cell phone to access accounts
Calling the bank on the phone
Debit/Automated Teller Machine card transactions
A debit card is
Like an ATM card, but you can also use it to make purchases at retail locations and funds are wirthdrawn directly from your checking account
The same as a credit card, buy now, pay later
Similar to a gift card from a retail store, since you buy the debit card and replenish the funds once a month.
Only used to get cash from an ATM
Services you may be able to access when you do banking online include
Debit card replacement and check ordering
Money transfers, deposits, and withdrawals between accounts
Electronic statements and alerts
All of the choices
Mobile banking allows you to
Use your computer to complete banking transactions
Use your cell phone to access or receive account information
Make purchases or payments with your cell phone
Travel from bank to bank to complete transactions
Which of the following do you do when you reconcile your checking account?
Keep it up to date
Account for any differences between your statement and your check register
Compare your checking and savings account balances
Determine which checks have cleared
All of the answers
When you take more money out of your account than you have in it, that is called
A debit transaction
Balancing your account
An overdraft
When A monthly service fee
The best way to avoid overdrawing your account or writing a "bad Check" is to
Only write on check per month
Not use your ATM and a checkbook at the same time
Record all of your transactions
Use online banking and bill payment services
Which of the following overdraft coverage options might be offered by a bank?
Prepaying for overdrafts & Flat-fee overdraft programs
Charging overdraft fee to your credit card
A loan
Ability to link a savings account to a checking account
Overdraft programs are
Free at all banks
Programs that banks offer in the event you overdraw your account
Required by law for bank customers to purchase
An account feature that you must pay for only in months when you do not keep a minimum balance in your account
Which statement about checking account management is false?
You could be charged costly overdraft fees if you do not record transations and monitor your checking account balance
You should reconcile your checking account weekly.
This 16-digit number is unique to your card. It is different from your checking account number.
Debit Card Number
Expiration Date
Customer Service Number
Card Verification Value (CVV)
Your card can only be used until this date. A new card will be automatically sent to your address prior to the expiration date.
Debit Card Number
Expiration Date
Customer Service Number
Card Verification Value (CVV)
Toll-free number when you have questions about your account.
Debit Card Number
Expiration Date
Customer Service Number
Card Verification Value (CVV)
This number is unique to your card. When you use your card to make purchases over the phone or Internet, some merchants may require you to supply this number to confirm that you have the card with you.
Debit Card Number
Expiration Date
Customer Service Number
Card Verification Value (CVV)
What is A on the front of the debit card?
Expiration Date
Debit Card Number
Customer Service Number
Network Logos
What is B on the front of the debit card?
Debit Card Number
Issue/Expiration Date
Customer Service Number
Network Logos
What is C on the front of the debit card
Debit Card Number
Expiration Date
Network Logos
Customer Service Number
What is D on the back of the debit card?
Signature Bar
Card Verification Value (CVV)
Customer Service Number
Network Logos
What is F on the back of the debit card
Signature Bar
Card Verification Value (CVV)
Customer Service Number
Network Logos
A key difference between commercial banks & credit unions is that:
Commercial banks are ‘for-profit’ and credit unions are ‘not-for-profit’
Commercial banks typically pay higher interest rates than credit unions.
Credit unions are more commonly located in rural areas while commercial banks are more
commonly located in urban areas.
Commercial banks offer more services, such as debit cards and online banking, than credit union
Since Taylor was a young child she has kept her savings in a piggy bank. She likes this method of saving because she can have immediate access to the money if she needs it. Recently, in a class at school, discussion focused on why depository institutions are safer than her piggy bank. Some students’ comments were based on fact while others were based on myths. Which aspect of security at a depository institution is NOT TRUE?
Depository institutions have insurance protection for up to $250,000 per depositor per account type. I If something happened to the money in the bank, you would get the value of your account back as long as the deposited amount was no more than the insurance limit.
Depository institutions have insurance protection. Depositors can have multiple accounts insured at the same depository institution as long as each account has no more than $100,000.
All money stored at a depository institution is kept safe at all times by numerous security measures.
Information about depositors and their accounts is kept in secure data storage.
Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?
A commercial bank, since his deposits would be insured by the Federal Deposit Insurance Corporation (FDIC)
A credit union, since his deposits would be insured by the National Credit Union Association (NCUA)
He could safely choose either a commercial bank or a credit union, as long as his savings account balance meets the insurance requirements.
Neither a commercial bank nor a credit union. Money is most safely kept at home in a personal safe or vault.
Common fees that may be charged by a depository institution include all EXCEPT
Overdraft fee
Late fee
ATM fee
Minimum Balance fee
David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n)
ATM Fee
Safe Deposit Fee
Loan
Overdraft Fee
