WorksheetsFinancial Literacy Section 1.2
Total questions: 14
Worksheet time: 28mins
True or False: Once you have signed up for overdraft protection, you cannot drop out.
True
False
What was the average overdraft fee in 2020?
$33
$50
$30
$20
What is the average fee to take money out of a non-network ATM?
$10
Between $2 and $3.50
Between $4 and $5
There is no fee.
You should ALWAYS read the fine print.
False
True
How much did U.S banks make in 2019 from overdraft fees?
$5 million
$235,000
$1 trillion
$11 billion
What is an example of identity fraud?
Someone donates to charity in someone else's name.
Chelsea pretends to be Juanita online, using her credit card.
Someone has the same name as you.
You name your child after your grandma
How does a checking account work?
You can put money in it to save it for the future.
From the bank when you're in debt.
An account to pay off a mortgage or a loan.
You can put money in or take money out.
What are some common banking fees?
ATM
Overdraft
OBM
ATF
What is an overdraft fee?
Fee for using an ATM
Fee for transferring money to another bank
Fee for being over the limit of money in the account
Fee for withdrawing more money than you have in the account
What is a convenience of online banking?
Technology issues
You're not taxed
Easy-Access
Why should you have a checking account? (pick 3)
Easy to access cash
Track finances
You shouldn't have one, they're useless
Money is safe
Your bank is insured by the FDIC with the amount of...
$150,000
$350,000
$250,000
$500,000
What is a key factor to consider while selecting a payment app?
Your taxes
How much money you make
Marital status
Compatability with your bank
FILL IN THE BLANKS: Direct deposit typically refers to your ____ sending your _______ electronically to your account
employer; paycheck
paycheck; money
bank; money
money; employer
