Worksheets1.1 The Essential Checking Account
Total questions: 10
Worksheet time: 3hrs 30mins
What is a reason to need a checking account? Select all that apply.
Debit Cards
Bill Pay
FDIC Insurance
Unlimited Spending
What is one DISADVANTAGE of NOT having a traditional checking account?
Direct Deposit
Can shop online
Use a Debit Card
No Insurance
Which are methods to deposit money? Select ALL that apply.
ATM
Direct Deposit
Person-to-Person App (Zelle)
Debit Cards
Which of the following best describes what FDIC Insurance is?
A bank program that protects you from high overdraft fees
Additional accounts offered by banks to save for car and homeinsurance
A government backed policy that protects your money if a bankfails
A budgeting program offered by banks to help you save for thefuture
FDIC insurance is good for how much money?
$500,000
$250,000
$100,000
$25,000
What is a disadvantage of cashing your check?
Fees
3-5 day waiting period
Getting money immediately
Which of the following is NOT a method of depositing money into a checking account?
Through an ATM
Direct deposit from your employer
Sending your money to the branch through the mail
Mobile app deposit
Imagine you are a student who just started working part-time. You want to avoid any fees when accessing your hard-earned money. Which option would allow you to do this?
Opening a Checking Account
Using Check Cashing Shops
Using Prepaid Cards
Relying on FDIC
Why is having a checking account convenient for bill payments?
It allows you to pay in cash
It allows you to pay with a check
It allows you to set up automated bill pay
It allows you to pay with a credit card
How can opening a checking account save you money?
It allows you to avoid check-cashing fees
It allows you to set up direct deposit through your employer
It allows you to pay bills without incurring extra fees
All of the above
