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WorksheetsBanking
Total questions: 13
Worksheet time: 7mins
You just save $1,500 from working a job being a food delivery person for the past 7 months. You are saving the money for grad school after college because you received a scholarship. Which savings vehicle would be your best option.
Regular Savings account
Checking Account
Certificate of Deposit
Money Market Account.
Most individuals who are non-banked believe that they are doing their best to manage their money. Which statement below is correct in relationship to saving?
It is really difficult to open a savings account, that is why many people do not have one.
Savings accounts require extremely large minimum deposits as well as regular monthly deposits to eliminate monthly fees.
Studies show that individuals who utilize bank account (saving/ & checking) are more likely to be successful at saving.
It is recommended to store you emergency fund in your checking account.
When checking out at a store, if you answer "Debit" when the cashier asks how you would like to process your transaction, the money will come from?
Your Checking Account
Your Savings Account
Your Money Market Account
Your Credit Card Company
All of the following are ways to access the money in your checking account except?
Using you Debit card to pay for groceries
Going to the bank and getting money from the ATM
Paying with your Credit Card and getting cash back
Using your Apple pay that is linked to your checking account.
What account will be impacted by this transaction? You save money each month in an account that is designed to permit you to earn a higher interest rate and also permits you to write up to 6 checks a month from the account.
Saving Account
Checking Account
Certificate of Deposit
Money Market Account
This agency is responsible for insuring the money that you store in a bank with their guarantee.
FDIC
DCIF
FIDC
FICS
Which of the following transactions may not immediately show on your online checking account app.
Money taking out an your bank's ATM
A scheduled bill pay that paid your car loan payment 3 days ago
A check that you wrote and mailed to the electric company two days ago
A debit card purchase from Walmart yesterda.
Banks are well know for charging customers fees associated with some of their transactions. All of the following will help you avoid ATM Fees, except?
Using only your bank's ATMs
Getting cash back when making a purchase
Seek out an ATM from a bank that is in the same network as your bank.
Use a P2P app to send money to a friend instead of using the ATM located at your apartment complex office.
What is the best way to avoid Overdraft Fees?
Set a notification on your phone to alert you when your balance is $0.00
Don't sign up for Overdraft Protection
Don't bother keeping a check register for the joint account you share with your spouse.
Make sure that if you trigger your Overdraft Fee that you immediately transfer money into your account.
When going to the beach you loose your wallet. Which option would be the easiest way to get cash?
Borrow money from your credit card
Have your parents send you money through western union.
Transfer money to a friend and have them get you cash from an ATM
Don't buy anything for the remainder of your vacation.
Which of the following is not an advantage of paying bills on-line.
You can pay your bill without having to mail a check to the company.
You can schedule your bills to be paid even when you are not at home.
If you spend more than is in your bank account, the bank will cover your payment.
You can mostly eliminate late fees because your payments will always be on time if you schedule them correctly.
How are banks using direct deposit to draw in new customers
They have limited the fees for direct deposits
Some advertise that you can access your money a day before your deposit is due.
They require that you no longer write checks on your account.
They require that all of your deposits be made through direct deposit.
Why is direct deposit an effective way to pay yourself first?
You can split your deposit between your checking and your savings accounts.
Your direct deposit sometimes allows you to start spending your money the day before your deposit
You can set your bill pay for the day your deposit is to be processed.
You can set up money to be transferred to a prepaid card directly.
