WorksheetsChecking Review
Total questions: 18
Worksheet time: 9mins
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
Your credit card company covers the cost
It is deducted directly from your checking account
Your credit card company provides you with a cash advance to cover the cost
It is deducted from your credit card account
Which of the following is a way to access the money in your checking account?
Taking out cash using your credit card at an ATM machine
Using your debit card to pay for groceries at the checkout
Depositing a paycheck at an ATM
Receiving a person-to-person payment from your friend
Which of the following transactions will REDUCE your checking account balance immediately?
Writing your monthly rent check which you will mail tomorrow
Using your debit card to pay for groceries at the supermarket
Using your credit card to pay for your school books
Depositing a check at a local bank branch
FDIC Insurance is...
Optional coverage consumers can purchase so that their bank deposits remain safe.
Insurance bank branches can buy to protect their business against fraud and scams.
Required if you want to do online or mobile banking.
Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business.
When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
Your account would be closed
You will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn ($29)
Since you requested overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied
The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessed
How often do customers typically receive a bank statement for their checking account?
Daily
Weekly
Monthly
Yearly
Which of the following transactions may be missing when you go online to review your checking account balance?
ATM cash withdrawal from yesterday
Check that you mailed to your cousin for his birthday today
Automatic payment for your car loan paid two days ago
Debit card transaction from purchasing snacks at a local convenience store today
The largest source of fees for banks when it comes to checking accounts is...
Overdraft fees
Wire transfer fees
Check printing fees
Interest expense
If you are trying to protect your checking account information, it is dangerous to…
Carry the PIN number for your debit card with you in your purse, wallet, or backpack.
Shred documents that have your account number on them.
Check your ATM and debit card transactions on a frequent basis.
Shop on secured websites when entering in your account information online.
What is the mathematical formula that you would use to describe the financial activity on a bank statement?
Ending Balance = Previous Balance + Deposits + Withdrawals + Fees
Ending Balance = Previous Balance - Deposits + Withdrawals - Fees
Ending Balance = Previous Balance + Deposits - Withdrawals - Fees
Ending Balance = Previous Balance - Deposits - Withdrawals + Fees
Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
employer, bills
employer, paycheck
parents, allowance
state government, taxes
The amount of money you have in your bank account.
Balance
Check
Bank Statement
Deposit
Money going into your account
Credit
Debit
Money going out of your account
Debit
Credit
A bill or payment amount that doesn't change.
Fixed Expense
Variable Expense
A bill or payment amount that changes.
Fixed Expense
Variable Expense
When you go to the bank to put money into your account that is called making a ___________.
deposit
withdrawl
payment
deposit slip
When you go to the bank to take money out of your account that is called making a ___________.
deposit
withdrawl
payment
check
