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WorksheetsEconomics Ch. 8
Total questions: 30
Worksheet time: 17mins
Banks help you (a) your money and keep it (b)
A savings account is for....
investing your money
regular spending
long term savings goal
entertainment
Which is an easy way to avoid ending up with errors in your checking account?
only use cash
keep all receipts
monitor your account regularly
budget often
Which agency insures your money in the bank?
FDIC - Federal Deposit Insurance Corporation
FRB - Federal Reserve Board
Office of the Comptroller
NYSE - New York Stock Exchange
The FDIC and NCUA insure your money in the bank for up to how much?
$250
$2,500
$25,000
$250,000
Credit Unions differ from retail banks in that they usually require membership.
True
False
Where should your emergency fund be located?
checking account
savings account
money market account
stocks
What does "pending" mean on your bank statement?
you need to make a deposit before they will pay it
payment was declined
hasn't fully processed to your account yet
is a fraudulent charge
Distrust, unemployment, and bank fees are a few excuses people give for....
not making a budget
not looking for work
not having a savings acct
not filing taxes
Which bank would be the best fit for you if you prefer great customer service and lower fees?
small, local bank
large, national bank
just use check cashing stations
keep jumping from bank to bank until you find one you like
Which bank would be the best fit for you if you prefer lots of branch locations and more features to choose from in a bank?
small, local bank
large, national bank
just use check cashing stations
keep jumping from bank to bank until you find one you like
All of these are features of...
*debit card
*ATM access
*payroll direct deposit
*checks
checking account
savings account
online banking
money market account
What should you do if you see a charge you don't recognize on your bank statement?
immediately report it to your bank
wait...it might be taken off by the end of the week
Call the BBB and complain
Don't worry about it....the FDIC will cover it
People who are struggling with money tend to turn to alternative financial services like payday loans, which actually end up causing them to lose money.
True
False
Which of these would be a consequence of banking with an online bank?
deposits, transfers, bill pay happen online
they do not offer interest on savings accts.
often more difficult to get in touch with a real person when you need assistance
they do not provide a debit card
With certificates of deposit (CDs), you have to pay a penalty for.....
withdrawing your money early
depositing money into the account
creating a savings account
using an ATM
Verifying your bank's online account statements for accuracy is called..
reconciling your account
adjusting your budget
debit card fraud
direct deposit
It is your responsibility to know about all of the ____________ before choosing a bank.
employees who work there
branch locations
options for loans
fees and services involved
What bank services should you avoid?
having multiple checking accounts
any service that leads to debt
accounts that gain interest
having a savings account
What is liquidity?
how quickly and easily you can access your money
great way to find a financial advisor
when you deposit silver and they liquify it for you
how money flows from bank to bank
How is balancing your checking account like working on your budget?
both involve massive amounts of money
they are not alike at all
both lose you money in the long run
both get easier the more you do them
What do all predatory financial services have in common?
require you to take out a loan
require you to have a college degree
you end up losing money with all of them
you can earn money with all of them
When banks invest their customers' deposited money, they earn interest and then....
keep all of it as profit
pay their owners 100% of the interest
pay the customer a small amount of the interest
lose it in a risky investment deal
When deciding on the right bank, you should first identify what type of bank you want, the features that matter most to you, and .......
what kind of accounts you want to open
what type of home you want to own someday
how large your savings account is
what type of college you want to attend
Who is responsible for managing the money in YOUR account?
you
mom and dad
the bank
anyone other than you
What does it mean if the bank doesn't allow you to open an account because you handled money poorly in the past and couldn't pass their financial background check?
you're blacklisted
you're excommunicated
you're evicted
you're expatriated
Overdraft protection sounds like a good idea.....
because it is
but you have to pay back the deposited money with interest
and it helps you build wealth
but it will ruin your credit score
Make sure your bank has plenty of (a) and (b)
A debit card linked with your checking account is a good option for regular spending.
True
False
You need to track everything that involves money, including...
your clothing budget
debit card purchases and ATM withdrawals
all sales that are currently happening
latest retail store credit card offers
