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WorksheetsChecking Accounts
Total questions: 22
Worksheet time: 16mins
Money added to a checking account is called a
withdrawal
deposit
endorsement
drawee
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
Ashley wants to make a purchase using the money in her checking account. What method of payment should she use to access these funds immediately and directly?
credit card
debit card
direct deposit
prepaid card
This occurs when the amount you withdraw from your account is more than your balance.
Overdraft
Overdue Payment
Stop Payment
Funds Transfer
Which of the following is an example of online bill pay?
Using a person-to-person app to repay your friend for dinner
Using Apple pay to purchase your groceries at a store
Setting your bank to send your rent to the landlord monthly on the 25th
What are the benefits of online bill pay?
Easier bill pay
24/7 account access
Use of mobile apps to pay bills
All of the above
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?
Overdraft Fees
Service Fees
ATM Fees
Check Fees
You are at the checkout counter at the local supermarket and use your DEBIT card to pay for your groceries. Where does the money for this purchase come from?
Your credit card company covers the cost
It is deducted directly from your checking account
Your credit card company provides you with a cash advance to cover the cost
It is deducted from your credit card account
Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals.
She has not used her ATM in over a week and wonders what she should do. What would you recommend?
Wait until your monthly statement arrives so you can check to see if those withdrawals are still there
Wait a week as it is fairly common for the bank to catch mistakes like this
Check your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.
Contact your bank immediately as it appears that your account may have been hacked
The largest source of fees for banks when it comes to checking accounts is...
Overdraft fees
Wire transfer fees
Check printing fees
Interest expense
What are types of Person-to-Person Payments?
Handing someone money
Cash App
PayPal
Swiping your debit card
Venmo
Sally goes to the bank. She puts her babysitting money in her account. Sally has made a
Deposit
Withdrawal
Hannah paid her rent by writing a $400 check to her landlord. This is a _________.
Money is automatically transferred into Victor’s checking account for earnings from his job. This is a __________.
