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WorksheetsOnline Banking/Check Writing
Total questions: 38
Worksheet time: 20mins
You are checking out at Wegmans 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
Online Banking allows you to monitor your account activity how many hours per day?
(a)
Check all that apply: Online Banking allows you to:
Check Your Balance
Transfer funds between accounts
Deposit Checks
Pay your bills
Pay friends
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 your drink at Starbucks?
Using your credit card to pay for dinner at Parkers?
Depositing a check at a local bank branch?
Which TWO of the following statements are advantages of online banking?
A. Once you set up online banking, your bank will waive overdraft, ATM, & monthly fees
B. With online banking, you can view your daily transactions & balances, rather than waiting for your monthly statement.
C. Using online banking, you can request transfers, pay bills & automate your savings w/o visiting the bank branch.
D. You can shop online only if your bank account has online banking features.
A & B
B & C
B & D
A & C
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.
EFT allows you to use a computer or mobile device to move between accounts...what does EFT stand for?
Electronic Fees Transfer
E-commerce Funding Trades
Electronic Funds Transfer
Electronic Fee Tax
How often do customers typically receive a bank statement for their checking account?
Daily
Weekly
Monthly
Annually
The largest source of fees for banks when it comes to checking accounts is:
Overdraft fees
Wire transfer fees
Check printing fees
Interest fees
Which of the following are Peer-to-Peer apps?
Venmo
Paypal
Zelle
CashApp
All of the above
online payment tools, usually in the form of an app. This securely stores virtual versions of debit and credit cards, so you don't need to enter your card details or carry a physical card at all to make payments
CashApp
Virtual Wallet
Digital Wallet
Apple Pay Plus
Peer-to-Peer (P2P) payments:
are paid with a check
are utilized through credit card companies
take one week to receive funds into your account
allow users to send one another money from their mobile devices through a linked bank account or card
A person-to-person payment app could be used in each of the following scenarios EXCEPT:
Troy pays his aunt, who lives next door, $200 for breaking his window with a basketball
Kaitlyn writes the whole monthly rent check to the landlord, and her roommates, Cheyenne & Alyvia pay Kaitlyn for their share of the monthly rent.
Ryan's soccer coach pays the team's registration fee for a big tournament & each player then owes him $35 for their share of the registration fee.
Jackie pays Randy, the delivery driver from Little Italy, for pizza she orders for her soccer team.
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
If you are using a digital wallet at a store at the mall to pay for your purchase you are likely:
sending a peer-to-peer payment to the cashier
inserting your chipped credit card into the credit card reader
holding your phone close to the point-of-sale machine
sending an online payment from your computer once you get home
Direct deposit typically refers to your ? sending your ? electronically to your bank account
employer, bills
employer, paycheck
parents, allowance
state government, taxes
Which is an advantage of paying your bills using the online bill pay feature with your checking account?
the company you are paying receives the money on the same day
there is typically only a small fee to set-up and use this feature
it saves time and paper
it eliminates late fees
Which of the following is a TRUE statement about check cashing stores?
Their checking accounts typically cost less than traditional bank accounts
They tend to charge consumers a lot of hidden fees
Customers use check cashing stores even though the employees are unfriendly and often make customers feel embarrassed or out-of-place
They make their money by charging fees for transactions that can be done for free by customers with a traditional checking account
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
True or False: You can set up automatic bill pay for most bills and loans?
True
False
Which of the following is not a term used to describe Online Banking?
Electronic Banking
Web Banking
Digital Banking
Internet Banking
What is money received, especially on a regular basis for work or through investments
Withdrawal
Expenses
Interest
Income
A goal for the near future-today, this week, this month is considered to be a:
Long-term goal
Short-term goal
Which is NOT an example of a fixed expense?
Car
Groceries
Rent
Mortgage
True or False: A variable expense is an expense that stays the same each month?
False
True
True or False: A fixed expense stays the same each month?
True
False
What is an estimate of income and expenses for a set period of time?
Digital Wallet
Budget
Checkbook Register
Balance Sheet
A card that allows an individual to charge the cost of a purchase to a credit account & will be charged interest each month is called a:
Debit card
Checking account card
Christmas card
Credit card
A check card - works like a check where money is taken from your checking account or your savings account
Credit Card
Birthday Card
Debit Card
Checking Card
Money you pay for the use of money lent to you is...
an Emergency Fund
Debit
Income
Interest
True or False: Wants are goods or services that are required to live?
True
False
True or False: You are NOT charged a fee when you link a mobile app like Venmo to your credit card?
False
True
True or False: Apple Pay is for paying merchants; Apple Pay Cash is person-to-person
False
True
How can you "authenticate" your transaction before you make a purchase?
Face ID
Fingerprint
PIN Number
All of the above
Which of the following can you use your digital wallet for?
Boarding passes
Vaccination Card
Coupons
Gift Cards
All of the above
What are benefits to getting alerts set up on your phone with online banking?
Low Balance
Mobile Deposit
Unusual activity
all of the above
True or False: Overdraft fees are typically $5?
True
False
What is an overdraft fee?
Fee for withdrawing more money than you have in your account
Fee for writing a check
Fee for going below your minimum balance requirement
Fee that you incur at the end of every month
