WorksheetsBanking Rocks!! When done right:)
Total questions: 12
Worksheet time: 9mins
What is a checking account primarily used for?
Long-term investments
Daily transactions
Saving for retirement
Buying stocks
Which of the following is NOT a common feature of a checking account?
Writing checks
High interest rates
Debit card access
Direct deposit
What is the main purpose of a debit card?
To borrow money from the bank
To earn interest on purchases
To withdraw or spend money from your checking account
To invest in the stock market and win money
What does it mean to be fiscally responsible?
Spending more money than you earn
Saving all your money and not spending any
Managing your money wisely
Borrowing money frequently
Which of the following is a benefit of using a debit card? That means it is a good thing! We like benefits.
It is really big and hard to carry.
It does not bill you for your purchase until later.
It allows you to spend money you don't have.
It helps you manage your spending by using existing funds.
What is an overdraft fee?
(This is a fee when you bounce a check.)
A fee for not using your debit card
A fee charged when you spend more money than you have in your account
A fee for depositing money into your account
A fee for withdrawing money from an ATM
Why is it important to track your spending?
To ensure you can spend more than you earn
To avoid overdraft fees and manage your budget
To impress your friends
To earn interest on your checking account
Imagine you just checked your bank app and noticed your checking account is "in the red". What does this mean?
You have more money than you thought
You have earned interest on your account
Your account balance is negative
Your account is considered premium
How can using a debit card help with fiscal responsibility?
By allowing unlimited spending
By providing loans
By tracking spending and limiting purchases to available funds
By offering rewards and cash back
What is a direct deposit?
A way to deposit checks into your account using an ATM
A method of investing in stocks directly from your checking account, no paper check. Mrs. Jackson gets paid this way!
An electronic transfer of funds from an employer or other payer directly into your checking account
A deposit made directly at the bank teller
Why might someone choose to use a checking account instead of carrying cash?
Checking accounts are more difficult to use
Checking accounts offer higher interest rates than cash
Checking accounts provide a safer way to manage and spend money
Checking accounts allow unlimited spending
What is one way to avoid overdraft fees?
Spending more money
Keeping a low balance in your account
Monitoring your account balance and keeping track of expenditures
Using a credit card for all purchases
