Worksheets2 & 3 Savings and Checking Practice
Total questions: 25
Worksheet time: 13mins
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 using 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
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 debitcard to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to bethe 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
Annually
The largest source of fees for banks when it comes to checking accounts is...
Overdraft fees
Wire transfer fees
Check printing fees
Interest expense
Jillian is a high school student who typically earns $275 every two weeks at her part-time job. She is responsible for paying her own cell phone bill, gas when she drives hermom’s car, and costs of going out with friends. She wants to set a low balance alert. What amount probably makes the most sense for Jillian?
$5
$50
$500
$5000
Which of the following is TRUE about checking accounts?
They must pay an interest rate of at least 1% annually
Banks cannot change the fee policies on your account while it is open
Banks can only change the fee policies on your account once per year, between
Jan 1 and Jan 31st
Banks can change the fee policies as long as they put the
changes in writing and notify you
Three of these statements best describe a checking account. Which statement best
describes a savings account?
This account offers a convenient way to pay bills and access cash from an ATM
This account pays you interest on money you have put
away for later to help your money grow
This account is automatically debited when you use a debit card
This account typically allows an unlimited number of transactions per month
How is an online savings account different from a traditional savings account?
An online savings account includes a mobile app, while a traditional savings
account does not
An online savings account is offered by a bank that
customers can only access online rather than at a physical
bank branch
Online savings accounts will only offer electronic statements rather than paper
copies
Online savings accounts cannot be FDIC insured, whereas traditional savings
accounts can
In current markets, which of these represents a competitive but realistic interest rate
on a savings account?
2%
3%
7%
17.99%
Experts recommend that you accumulate enough to cover 3 to 6 __________________ of
expenses in your emergency fund.
Days
Weeks
Months
Years
Which of the following statements is TRUE?
The majority of Americans have an adequate emergency fund.
The majority of Americans have sufficient amounts of money saved for
retirement.
The majority of Americans have an adequate emergency fund, but do NOT
have sufficient amounts of money saved for retirement.
The majority of Americans do NOT have an adequate
emergency fund or sufficient amounts of money saved for
retirement.
You want to take earnings from your part-time job to pay for a new laptop. Your
monthly take-home pay is $500 and the laptop costs $1,200. What percentage of your pay do you need to save in order to buy the laptop in 12 months?
5%
10%
15%
20%
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her
monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
3 months
9 months
24 months
30 months
When a bank says their savings account earns 1% interest, that typically means you will earn 1% interest over what period of time (Note: this is not referring to the
compounding frequency or frequency of interest payment)?
Daily
Monthly
Quarterly
Annually
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
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
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
17. 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.
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.
