WorksheetsBanking W!SE questions
Total questions: 24
Worksheet time: 8mins
The phrase used for putting money into a checking or savings account is:
making a withdraw
betting on a race
making a deposit
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of a:
traditional bank
credit union
payday lender
Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned.
What would the IRS tell him?
You never have to pay taxes again.
Savings account interest is taxable.
Pay once every 10 years.
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:
US Treasury Department
President of the USA
The person's parents
How can individuals be prepared for losing their job or having a large medical expense?
Invest in McDonalds
Don't worry, be happy
Save at least 3 months of income
The financial institution where Ms. Sanchez has her
checking account will continue to pay out money for the checks she writes as long as:
there is enough money in her account to cover the amount of the checks.
the FDIC covers overdraft fees
she has a drivers license
Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
No checking accounts EVER pay interest!
Some types of checking accounts pay interest!
You must pay interest on credit card debt.
Banks use savings account deposits to:
give loans to consumers and businesses.
give money to Elon Musk
retire early
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should:
combine the 2 sums
list the cash deposit separately from the check as well as the total of the deposit.
just sign their name
The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:
it will earn a rate of interest.
you can place bets online.
your sister can't steal it
The National Credit Union Administration (NCUA) insures accounts in a:
Progressive Insurance
stock market
credit union
Employees prefer direct deposits because:
It takes longer to be deposited in their checking account.
Money is deposited in their checking account SOONER!
it's free money!
When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement, which action should the person to take first?
Determine that checks already written have cleared.
Close their checking account
Call the bank manager and complain
Patty is selling her car through a newspaper ad. When she finds a buyer, she wants a form of payment which is guaranteed to be good.
Which form of payment should she AVOID?
cash
check
A blank endorsement on a check:
creates a check that can be cashed by anyone.
means it's canceled
is the safest
You have a checking account balance of $100.
You deposit a personal $200 check from your brother in your checking account.
When will you be able to withdraw $150 in cash?
3 to 7 days later
1 year later
Never ever ever
Travelers checks, often used for vacations:
function as cash and are easily replaced if lost
are a loan
come with a free beach towel
Money orders are:
a purchased certificate to pay a specified amount to a specific payee
the same as a credit card
from the olden days
Safe-deposit boxes are:
like PE lockers
only found in banks in Canada
Safe and can be accessed only by the owner of the box.
Financial services and products generally offered by banks and credit unions include:
pet adoption
savings and loans
A bank Certificate of Deposit is a:
savings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals.
stock
round and plays music
This financial product has the most predictable income:
stocks
Certificate of Deposit CD
The ease and speed with which you can convert savings or an investment to cash is:
liquidity
gambling
merging
The most liquid type of investment is:
a money market account
expensive artwork
