Free Printable Banking Mid Unit Review (2.1-2.4)

Worksheets

Banking Mid Unit Review (2.1-2.4)

Total questions: 25

Worksheet time: 50mins

Name

Class

Date

People who are unbanked are most likely to...

Use a mobile banking app

Receive a monthly statement of their transactions

Deposit their checks at the ATM

Incur lots of fees at Check Cashers to access their money

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

You should endorse the back when writing a check

The amount of money is written both numerically and in words

Checks should show up on your statement within 30 days

You should endorse the back when depositing a check

You can access the money in your checking account by...

Using the cash grandma gave you to pay at the grocery store

Paying bills with a pre-paid debit card

Transferring money though your online account

Using your credit card to Venmo a friend

Overdraft protection...

is a service offered only for premium checking accounts.

brings in a few hundred dollars each year to banks.

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

can keep you from overdrawing but charges a fee.

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

Online Statement Fee

Monthly Maintenance Fee

In-Network ATM Fee

Sufficient Funds Fee

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

Low balances

Unusual activity

Deposits

Credit Card transactions

What is the benefit of direct deposit?

Any overdraft fees are waived

You don't have to spend time and energy depositing a check

The funds from your paycheck are usually available between 3-5 business days

You get a tax benefit from the Federal government

Which of the following is TRUE about banks and credit unions?

Banks are for-profit; credit unions are not-for-profit

Banks are not taxed; credit unions are taxed

Banks are insured by the NCUA; credit unions by the FDIC

There are more local credit unions than there are banks

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

Ice cream bought with your debit card on July 16th

A salad bought with cash on July 5th

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

An ATM withdrawal you made on July 21st

10.

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

Saving money

Storing money to spend

Investing money

Placing money you earn

11.

What is a typical overdraft fee?

$15

$25

$35

12.

Identify two ways to deposit money into and/or withdraw money out of your checking account.

Mail the check to the bank

Go to the bank and deposit/withdraw with a bank teller

Have your best friend do it for you

Use your debit card to make a purchase

Use your credit card

13.

Fill in the blanks: Direct deposit typically refers to your ___________ sending your _______ electronically to your bank account.

employer, bills

parents, allowance

employer, paycheck

employer, allowance

14.

What feature is LEAST important for a college student to look for in a checking account?

Low minimum balance requirement

Interest rate

Fees

ATM availability

15.

Why is understanding a bank's fees particularly important for students or young adults?

With less banking experience they may incur fees unknowingly

They may have high balances in their account and are therefore likely to overdraft easily

Banking is like insurance; being younger means higher fees

Your credit score is heavily dependent on how well you bank

16.

What is an overdraft fee?

Fee for withdrawing more money than you have in the account

Fee for writing a check

Fee for going below your minimum balance requirement

Fee for taking money out of an ATM that is not your bank

17.

How is compound interest different than simple interest?

It is simple interest - interest earned on that interest

It is double the simple interest earned on an investment

It is simple interest + interest earned on that interest

It's not different; they are one and the same

18.

Which is TRUE about online saving accounts? (hint: choose 2 correct answers)

Usually have higher interest rates than non-online accounts

They usually have lower costs compared to brick-and-mortar banks

Online accounts are not FDIC insured

You can withdraw money an unlimited # of times

19.

Saving accounts differ from checking accounts in that...

Money in a saving account can be used to fund a bank's loans

Saving accounts let you withdraw $ an unlimited # of times

Saving accounts come with more fees than checking accounts

Checking accounts offer higher interest rates

20.

True or False: You need a checking account to open a savings account.

True

False

21.

Which is TRUE about Certificates of Deposit (CDs)? (hint: choose 2 correct answers)

You agree to keep $ in a CD for an undetermined period of time

You pay the bank some interest to keep $ in the CD

The bank can loan out the $ in your CD

The bank pays you interest in return

22.

Choose 3 important factors to consider when trying to choose between two different savings account options.

Interest rate

Monthly fees

Debit card access

Ability to withdraw or transfer money

Your friends also bank at the bank

23.

What is meant by the phrase FOMO (Fear of Missing Out) in this context?

This phrase refers to the newest reality television show that demonstrates the effect of saving early and often.

This phrase refers to the concept of saving up for only your needs in your budget, not your wants.

This phrase refers to the annual event in August where investors compete with each other to see who can beat the market.

This phrase refers to the human behavior of wanting to spend more because we see others around us spending more and enjoying goods and services that we think we would enjoy as well.

24.

If you have money saved now that you intend to spend in 2 or more years, which type of savings account might be best?

Traditional savings

Online savings

Money market account

25.

An account similar to a traditional savings account but that typically pays higher interest, requires a higher minimum balance, and may allow check writing