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Checking Unit

Total questions: 37

Worksheet time: 30mins

Name
Class
Date
1.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Incur lots of fees at Check Cashers to access their money

2.

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

a)

You should endorse the back when writing a check

b)

The amount of money is written both numerically and in words

c)

Checks should show up on your statement within 30 days

d)

You should endorse the back when depositing a check

3.
You can access the money in your checking account by...
a)
Using the cash grandma gave you to pay at the grocery store
b)
Paying bills with a pre-paid debit card
c)
Transferring money though your online account
d)
Using your credit card to Venmo a friend
4.

Overdraft protection...

a)

is a service offered only for premium checking accounts.

b)

brings in a few hundred dollars each year to banks.

c)

is a fee-free service that prevents you from overdrawing.

d)

can keep you from overdrawing but charges a fee.

5.
Which of the following fee(s) may banks charge you?
a)
Online Statement Fee
b)
Monthly Maintenance Fee
c)
In-Network ATM Fee
d)
Sufficient Funds Fee
6.
What is the benefit of direct deposit?
a)
Any overdraft fees are waived
b)
You don't have to spend time and energy depositing a check
c)
The funds from your paycheck are usually available between 3-5 business days
d)
You get a tax benefit from the Federal government
7.
Which of the following is TRUE about banks and credit unions?
a)
Banks are for-profit; credit unions are not-for-profit
b)
Banks are not taxed; credit unions are taxed
c)
Banks are insured by the NCUA; credit unions by the FDIC
d)
There are more local credit unions than there are banks
8.
Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
a)
His (or his parents') previous year's tax return
b)
Proof of address
c)
Identification
d)
Opening Depo
9.

Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

a)

Ice cream bought with your debit card on July 16th

b)

A salad bought with cash on July 5th

c)

A birthday check you gave to your brother on July 18th

d)

An ATM withdrawal you made on July 21st

10.
Which of the following is TRUE of prepaid debit cards?
a)
They are issued by your bank & connect to your checking account
b)
There are usually minimal fees associated with them
c)
Prepaid cards can help build your credit
d)
They can be used as an effective budgeting tool
11.
Which of the following is NOT a common way most people are using P2P?
a)
To pay rent
b)
To pay off their credit cards
c)
To pay back friends
d)
To buy gifts
12.

A checking account is best used for...(hint: choose 2 correct answers)

a)

Saving money

b)

Storing money to spend

c)

Investing money

d)

Placing money you earn

13.
Which of the following is TRUE about Student Checking accounts?
a)
There are no minimum balance requirements
b)
They all expire only when you turn 24 years old
c)
They are offered only by 3 U.S. banks
d)
Some have monthly fees
14.
What is a typical overdraft fee?
a)
$5
b)
$15
c)
$25
d)
$35
15.

How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

a)

Use a strong password

b)

Sharing your pin # with only 1 person in case you forget it

c)

Connect to a secure WiFi network

d)

Opt-out of alerts to notify you of unusual activity

16.
You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
a)
$7.50 check, $15 check, $5 check, $35 check
b)
$35 check, $7.50 check, $5 check, $15 check
c)
$15 check, $5 check, $35 check, $7.50 check
d)
$5 check, $7.50 check, $35 check, $15 check
17.
Why is understanding a bank's fees particularly important for students or young adults?
a)
With less banking experience they may incur fees unknowingly
b)
They may have high balances in their account and are therefore likely to overdraft easily
c)
Banking is like insurance; being younger means higher fees
d)
Your credit score is heavily dependent on how well you bank
18.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1510.06
c)
$1485.06
d)
$787.10
19.

Money added to a checking account is called a

a)

withdrawal

b)

deposit

c)

endorsement

d)

drawee

20.
Shannon makes a deposit in her checking account. She has checks for $178.16 and $36.00. She gets back $20.00 in cash.
What is her total deposit?
a)
$214.16
b)
$198.16
c)
$194.16
d)
$234.16
21.
To put money $$ in the bank, is called:
a)
WITHDRAWAL
b)
DEPOSIT
c)
INVEST
d)
WRITE A CHECK
22.
To take money OUT of your account, is called:
a)
WITHDRAWAL
b)
DEPOSIT
c)
TRUST
d)
STEAL
23.

Always use permanent ink when writing a check.

a)

True

b)

False

24.

What is wrong with this check?

a)

Name is incomplete

b)

Check amount is not written out

c)

Signature issues

d)

Date issues

25.

Which of the following fee(s) may banks charge you?

a)

Online Statement Fee

b)

Over-drafting you account

c)

In-Network ATM Fee

26.

Mobile or email alerts for your checking account can notify you of all of the following EXCEPT

a)

Low balances

b)

Unusual activity

c)

Deposits

d)

Your home getting broken in to

27.

Hailey's bank is FDIC Insured. What is the benefit to Hailey?

a)

She can use her bank card at any bank, nationwide, without incurring a fee

b)

If Wanda’s bank goes out of business, she will receive all of her money back from her accounts up to $250,000

c)

She will receive a debit card and a checkbook she can use to make purchases

d)

If she makes a purchase with her debit card and the item breaks, she’ll get a full refund

28.

It's Thursday, and Eileen has $200 in her checking account. Her rent of $650 is due tomorrow. Fortunately, she receives her paycheck from work for $1300 at the end of today’s workday. Why MIGHT Eileen choose to cash her check at the check casher instead of depositing it into her bank account?

a)

Banks are known to lose people's money, frequently, and she shouldn't take that chance

b)

If Eileen's landlord wants to be paid in cash, it's not possible to get cash at the bank -- the check casher is her only option

c)

It can take a few days for Eileen's check to "clear" at her bank; in that time, her check to the landlord might bounce

d)

Depositing a check at a bank typically costs $10 or more; the check casher will be more cost effective

29.

Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited. This will result in which of the following fees?

a)

Overdraft Fees

b)

Service Fees

c)

ATM Fees

d)

Check Fees

30.
Cash can be withdrawn from a checking account using all of the following except a(n)...
a)
debit card. 
b)
check. 
c)
ATM.
d)
credit card.
31.

Commercial banks, such as Wells Fargo and Hancock Bank, have which type of insurance for banking customers?

a)

SIPC, up to $250,000

b)

NCUA, up to $250,000

c)

NAACP, up to $250,000

d)

FDIC, up to $250,000

32.

People who are unbanked are most likely to...

a)

Use a mobile banking app

b)

Receive a monthly statement of their transactions

c)

Deposit their checks at the ATM

d)

Pay for services that would be free if they had an account

33.

Writing a check for a major purchase is safer than carrying a large amount of cash to the store.

a)

True

b)

False

34.

An agency of the federal government that insures bank deposits up to $250,000 is the

a)

FAA

b)

FDIC

c)

FIDC

d)

Fed

35.

A P2P payment is

a)

A check from grandma for your birthday

b)

A transfer between two individuals

c)

A way to pay with my checking in a store

d)

Problems 2 Problems

36.

One way to deposit to my account is

a)

writing a check

b)

using my check card to purchase at a store

c)

using the mobile app to take a picture of the front and back of a check

d)

Withdrawing cash at a teller

37.

All of the are ways that I can deposit funds into my checking account EXCEPT ...

a)

Direct deposit from employer

b)

P2P transaction from a friend

c)

Cash at the ATM

d)

Cash at the Teller

e)

Cash through the mobile app

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