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WorksheetsChecking and Savings
Total questions: 15
Worksheet time: 9mins
How often do customers typically receive a bank statement for their checking account?
Daily
Weekly
Monthly
Annually
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.
Which TWO of the following statements are advantages of online banking?
Once you set up online banking, our bank will waive overdraft, ATM, and monthly fees.
With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement
Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch
You can shop online only if your bank account has online banking features.
Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?
Wait until your monthly statement arrives so you can check to see if those withdrawals are still there.
Wait a week as it is fairly common for the bank to catch mistakes like this.
Check your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.
Contact your bank immediately as it appears that your account may have been hacked.
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
You deposit a birthday check by ising the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?
Available immediately
Available the same day
Usually 1-7 business days later
30 business days
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 _________ electornically 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.
Juan saved $1,000 from his summer job cleaning pools. Which of these savings vehicles would work best for him if he doesn't need access to the money for a number of years AND wanted to earn the highest interest rate?
Regular Savings Account
Money Market Account
Checking Account
Certificate of Deposit
Which of these statements about saving is INCORRECT?
People often believe they are saving when they buy products at a listed discount, even if they didn't need the product in the first place.
It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit.
Without a separate savings account to pay yourself first, it's more likely that you'll spend all of your income each month.
Billions of dollars are spent on marketing to persuade consumers to spend money instead of saving it.
You are 18 years old, opening your first savings account, and are considering three opitions:
BANK A is not FDIC insured, has an interest rate of 5%, and a minimum deposit of $25.
BANK B is FDIC insured, has an interest rate of 0.01%, and a minimum deposit of $50.
BANK C is FDIC insured, has an interest reate of 0.02%, and a minimum deposit of $10,000.
All three have fees competitive with other banks. Which bank is the best option?
Bank A
Bank B
Bank C
All 3 are equally good options.
Which of the following is an effective strategy for personal saving?
Wait until the end of the month and save whatever is left in your checking account.
Save a certain percentage of each paycheck and deposit it directly into a savings account.
Cover all of your wants and needs and save whatever is left over.
Take out a payday loan so you can save before you received your paycheck.
Which represents the best time to start saving for your retirement?
As soon as you graduate and have your first full-time job.
Right after you pay off your student loans.
Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage.
At age 45, so you have exactly 20 years until retirement.
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
