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WorksheetsPF Ch 5 Checking Review
Total questions: 56
Worksheet time: 1hrs 5mins
Which of the following accounts does NOT earn interest?
Checking Account
Savings Account
CD
None of the above
What’s the #1 reason to keep your money in an insured financial institution?
You’ll have access to seed accounts.
You can start pillar saving.
Your transactions won’t be limited.
Your money will be safe.
How can you access money in a checking account?
Checks
Debit Card
Withdrawals
All of the above
A savings account has...
Variable interest, meaning the rate can change at any time
Variable interest, meaning chunks of money in the account have different rates depending on the time of year they were deposited
Set interest, meaning the rate is locked in once you open the account
Set interest, meaning the rate only changes if you submit a request to change it
What does APY stand for?
Average Paying Year
Account Permitted for Youth
Annual Percentage Yield
Automatic Payout Y-Axis
If you want to earn as much interest as possible, where is usually the best place to put your money?
A savings account
A CD
A checking account
A lender account
When something earns compound interest, it earns interest on...
Only the original amount deposited.
Only money deposited in the last year
The original amount deposited + any previously earned interest.
The money in the account + a bonus $100 for each $1,000 deposit.
What’s likely to happen when a risky borrower takes out a loan?
They’ll pay a high-risk fee.
They’ll fill out more forms than a low-risk borrower
They’ll have their credit history checked, unlike a low-risk borrower.
They’ll have a higher interest rate than a low-risk borrower.
What is principal?
The fee charged when you miss a loan payment.
The amount originally borrowed or deposited.
The interest someone has earned or owes.
The total money owed on a loan
Can you withdraw money from a savings account?
Yes, you can withdraw money from a savings account at any time.
Yes, but you’ll need to get a savings card to access the money
Yes, but you’ll have to pay a fee if it’s before the maturation date.
Yes, but you need to transfer money from your checking to savings.
Marti begins the month with a checking account balance of $700. She writes three checks: one for $43.50, one for $90.00, and one for $250.00. She makes one deposit, for $300. Her bank charges her a $0.20 fee for each check she writes. She also pays a monthly account fee of $5.00. What is the balance of Marti’s account at the end of the month?
(a)
Gary purchased two money orders from his bank: one for $41.50 and one for $32.65. Each money order cost one dollar. What is the total amount Gary spent at the bank?
(a)
You are writing a check to Central High School for $150.68 of book fees. What will you write in box #6?
(a)
You are writing a check to Central High School for $150.68 of book fees. What will you write in box #4?
(a)
You are writing a check to Central High School for $150.68 of book fees. What will you write in box #5?
(a)
What is #8 pointing to?
(a)
You are writing a check to Central High School for $150.68 of book fees. What will you write in box #2?
(a)
The FDIC secures deposits up to
$100,000
$200,000
$250,000
unlimited
Mrs. Smith is saving money to buy a car. At first she kept the money she saved at home, but then her husband persuaded her to deposit the money into an account at the bank. Which of the following is the best reason for Mrs. Smith to deposit the money into an account at the bank?
The money is safer in the bank than at home.
She can withdraw her money at any time.
The bank is near her house.
She will receive a checkbook in her favorite color.
Approximately how often does a financial institution send a bank statement to an account holder?
yearly
weekly
quarterly
monthly
When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance
Adjust the balance in the checkbook so it is the same as the bank's balance
Notify the bank in writing to adjust the statement
Determine that checks already written have cleared
Occurs when money is withdrawn from a bank account and the available balance goes below zero
canceled check
overdraft
cashier's check
debit card
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
canceled check
overdraft
cashier's check
debit card
A public official authorized to attest to the authenticity of signatures.
Trustee
Teller
Cashier
Notary Public
A(n) _______ occurs when a depositor writes a check on an account that is insufficient to cover a check.
debit
overdraft
stop payment
FDIC Insurance is...
Optional coverage consumers can purchase so that their bank deposits remain safe.
Insurance bank branches can buy to protect their business against fraud and scams.
Required if you want to do online or mobile banking.
Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business.
This will result in which of the following fees?
This will result in which of the following fees?
What should be written on the "Pay to the order of" line of the check?
According to the 50/30/20 Rule, what should 50% of your income go towards?
Needs
Wants
Savings
Pet Supplies
According to the 50/30/20 Rule, what should 30% of your income go towards?
Needs
Wants
Savings
Retirement
According to the 50/30/20 Rule, what should 20% of your income go towards?
Needs
Wants
Savings & Retirement
Car Payments
Which of the following best describes what FDIC Insurance is?
A government backed policy that protects your money if a bank fails
A bank program that protects you from high overdraft fees
Additional accounts offered by banks to save for car and home insurance
When you withdraw money from a non-network ATM, typically you will be _____________.
charged a fee by your bank only.
charged a fee by the non-network bank only.
charged a fee by both your bank and the non-network bank.
When writing out a check for $50.00, the amount in numbers should be written as?
Fifty Dollars
Fifty Dollars and no cents
Fifty Dollars and 00/100
50 Dollars and 00/100
You can access (withdraw) 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 buy a PS5
An agency of the federal government that insures bank deposits up to $250,000 is the
FAA
FDIC
FIDC
Fed
Which card can access the funds in your checking account?
Credit Card
Debit Card
Credit Card
License
Up to what amount are deposit accounts federally insured per depositor at most banks and credit unions?
$100,000
$250,000
$500,000
$1,000,000
