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Total questions: 20
Worksheet time: 7mins
Q. People who are unbanked are most likely to...
Use a mobile banking app
Deposit their checks at the ATM
Receive a monthly statement of their transactions
Incur lots of fees at Check Cashers to access their money
Q. Which of the following is TRUE about checks?
You should endorse the back when writing a check
Checks should show up on your statement within 30 days
The amount of money is written both numerically and in words
You should endorse the front when depositing a check
Q. You can access the money in your checking account by...
Using the cash grandma gave you to pay at the grocery store
Transferring money through your online account
Paying bills with a pre-paid debit card
Using your credit card to Venmo a friend
Q. Overdraft protection...
is a service offered only for premium checking accounts.
is a fee-free service that prevents you from overdrawing.
brings in a few hundred dollars each year to banks.
can keep you from overdrawing but charges a fee.
Q. Which of the following fee(s) may banks charge you?
Online Statement Fee
In-Network ATM Fee
Monthly Maintenance Fee
Sufficient Funds Fee
Q. Mobile or email alerts for your checking account can notify you of all of the following EXCEPT...
Low balances
Deposits
Unusual activity
Credit Card transactions
Q. What is the benefit of direct deposit?
Any overdraft fees are waived
The funds from your paycheck are usually available between 3-5 business days
You don't have to spend time and energy depositing a check
You get a tax benefit from the Federal government
Q. Which of the following is TRUE about banks and credit unions?
Banks are for-profit; credit unions are not-for-profit
Banks are insured by the NCUA; credit unions by the FDIC
Banks are not taxed; credit unions are taxed
There are more local credit unions than there are banks
Q. Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
His (or his parent') previous year's tax return
Identification
Proof of address
Opening Deposit
Which of the following with DEFINITELY show up on your bank statement at the end of July?
Ice cream bought with your debit card on July 16th
A birthday check you gave to your brother on July 18th
A salad bought with cash on July 5th
An ATM withdrawal you made on August 1st
Q. Which of the following is TRUE of prepaid debit cards?
They are issued by your bank & connect to your checking account
Prepaid cards can help build your credit
There are usually minimal fees associated with them
They can be used as an effective budgeting tool
Q. Which of the following is NOT a common way most people are using P2P?
To pay rent
To pay back friends
To pay off their credit cards
To buy gifts
Q. What feature is LEAST important for a college student to look for in a checking account?
Low minimum balance requirement
Fees
Interest rate
ATM availability
Q. A checking account is best used for...
Saving money
Investing money
Storing money to spend
Q. Which of the following is TRUE about Student Checking accounts?
There are no minimum balance requirements
They are offered only by 3 U.S. banks
They all expire only when you turn 24 years old
Some have monthly fees
Q. Which of the following is FALSE about check registers?
It can help you identify mistakes in your bank statement
You can submit them to the bank and verify each transaction
It can help you avoid writing checks that cause an overdraft
You know exactly how much money you have left to spend
Q. What is a typical overdraft fee?
$5
$25
$15
$35
Q. How can you protect your checking account when using online and mobile banking?
Use a strong password
Connect to a secure WiFi network
Sharing your pin # with only 1 person in case you forget it
Opt-out of alerts to notify you of unusual activity
Q. You have $30 in your account. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
$7.50 check, $15 check, $5 check, $35 check
$35 check, $7.50 check, $5 check, $15 check
$15 check, $5 check, $35 check, $7.50 check
$5 check, $7.50 check, $35 check, $15 check
Q. Why is understanding a bank's fees particularly important for students or young adults?
With less banking experience they may incur fees unknowingly
Banking is like insurance; being younger means higher fees
They may have high balances in their account and are therefore likely to overdraft easily
Your credit score is heavily dependent on how well you bank
