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WorksheetsIntermFinServBank: Checking Unit 1_Part 1
Total questions: 15
Worksheet time: 1hrs 15mins
Which of the following is NOT a method of depositing money into a checking account
Through an ATM
Direct deposit from your employer
Sending you money to the branch through the mail
Mobile app deposit
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
A budgeting program offered by banks to help you save for the future
Which of the following is a similarity between debit cards and prepaid cards?
Both are linked to a bank
Both are limited by the amount of money that you currently have
Both require a credit check to use
Both require a fee to put money into the account
What is the largest frequently charged fee on checking accounts?
ATM fees
Overdraft fees
Monthly maintenance fees
Statement fees
What is the purpose of a bank statement?
It provides a list of all transactions on your account from the previous period, including withdrawals, deposits, and fees
It explains all fees that have been incurred during the previous month
It alerts you about possible fraudulent charges on your account
It is a reminder of the fees that may occur when you use your checking account
How much money should you keep in your checking account?
Two months of pay
Six months of pay
At least your minimum balance
One full paycheck
Which is the process of comparing your own records to the records provided by your bank?
Completing a check register
Writing a check
Balancing your checking account
Reconciling your checking account
What two items do you need to reconcile your checking account?
Check register and monthly bank statement
Credit card statement and monthly bank statement
Check register and credit card statement
Check register and voided checks
You receive a check for $50 from your Aunt Louise for your birthday. You go to an ATM to deposit the check into your checking account. How should you endorse the check
Just sign your name on the front of the check
Just sign your name on the front of the check
Sign your name and write "For Deposit Only" and your checking account number on the back of the check
Since the check is made out to you, you don't need to worry about signing the check
Which of the following is an example of online bill pay?
Using a person-to-person app to repay your friend for dinner
Using Samsung pay to purchase your groceries at a store
Setting your bank to send your rent to the landlord monthly on the 25th
Having your check direct deposited into your bank account
Which of the following statements is an advantage of online banking?
Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees
Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch
Online banking is the only way you can make online purchases
If you set up online banking, your bank will also file your taxes for you automatically
When using mobile banking, which of these is NOT a smart tip to keep your account safe?
Make sure your phone is password protected
Only use the official website or app associated with your bank
Choose clever and secure usernames and passwords, and keep them secret
Use easy-to-remember numbers for your online PINs, such as your Social Security number, account number, or birthday
When you open a checking account for the first time, you need to have each of these items EXCEPT…
Proof of employment, such as your last paycheck
The required minimum deposit
A legal form of identification, such as Social Security card, driver’s license, or birth certificate
A completed application
Which of these best describes why you should make sure your bank is FDIC insured?
It guarantees you will get all of your money back, regardless of balance, if your bank goes out of business
It prohibits your bank from charging fees unless you have over $250,000 in the bank
It guarantees you will earn interest on your checking account balance up to $250,000
It guarantees you will get all of your money back, up to $250,000, if your bank goes out of business
Which of the following would likely be LEAST important to a college freshman looking for a checking account?
The interest rate they'll earn on money in the account
How accessible a bank branch or ATM is to their college campus
Whether the bank has a minimum balance and/or waives annual fees for students
Whether having the account will be convenient both on campus and when the student is home for holidays and summer break
