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WorksheetsBanking Account Review
Total questions: 38
Worksheet time: 19mins
Imagine Aiden frequently uses his smartphone for managing his checking account. What practices should he follow to ensure its security?
Use strong and unique passwords
Avoid using public Wi-Fi networks
Regularly monitor his account activity
All of the above
What is a 529 account?
A retirement savings account
A health savings account
A college savings account
A tax-free savings account
Evelyn is planning her finances and wants to prepare for unexpected expenses. About how much should she save in an emergency fund?
1 month of expenses
3 months of expenses
6 months of expenses
1 year of expenses
What are some reasons for why so many Americans live paycheck-to-paycheck?
Low wages
High cost of living
Lack of financial education
All of the above
How does the 50-20-30 rule distribute your income?
50% for needs, 20% for savings, 30% for wants
50% for savings, 20% for needs, 30% for wants
50% for wants, 20% for savings, 30% for needs
50% for needs, 20% for wants, 30% for savings
Imagine Mason has $1,000 in a savings account. How does inflation impact the value of Mason's savings over time?
It increases the value of Mason's money
It decreases the value of Mason's money
It has no impact on the value of Mason's money
It depends on the interest rate of Mason's savings account
Saving accounts differ from checking accounts in that...
Saving accounts have higher interest rates
Saving accounts have more fees
Saving accounts have unlimited transactions
Saving accounts have overdraft protection
If you receive an email that appears to be from your bank asking for personal information, it's best to directly contact the bank through official channels rather than replying to the email.
TRUE
FALSE
Imagine James has just started his first job and is planning his monthly budget. According to the 50-30-20 Rule, how much of his monthly income should James be saving each month?
50%
30%
20%
James was notified by his bank that he incurred a fee for non-sufficient funds, which is also known as an overdraft fee.
true
false
Which of the following insures checking accounts at a bank or a credit union? (you must choose more than one) HINT: there are two correct answers
NCUA
FDIC
FTIC
NAACP
Peer to Peer payment mostly involve funds being transferred from employers to employees (direct deposits).
True
False
Typically, Emma must be a member of a credit union to use its financial services.
True
False
Imagine Abigail has just opened a savings account and is curious about how much of her deposit is covered by insurance. The FDIC insures accounts up to...
$250
$2,500
$25,000
$250,000
An annual percentage yield represents...
The amount of money your stocks have lost
The amount of money your stocks have gained
The interest that has been earned on compounded deposits
The interest that has been lost on compounded deposits
A certificate of deposit...
Is a certificate that verifies your deposit
Is a certificate that verifies your bank information
Is a deposit that does not earn interest over a term
Is a deposit that earns interest over a term
James took a loan of $10,000 from the bank. DEFINE the interest he needs to pay.
Money paid at a rate for money lent, delaying repayment
Money paid for paying a debt in a timely manner
Money paid for investment success
Money paid for investment failure
DEFINE principle.
A person who runs a school building
The initial money that is deposited
The money earned on an investment
The money spent after a failed investment
Charlotte is considering where to open a new savings account and is comparing local Credit Unions with commercial banks. What aspects of Credit Unions might appeal to her? (Pick all that apply.)
Credit Unions are owned by their members
Credit Unions offer more free services
Credit Unions are not profit focused
Credit Unions belong to the Federal Reserve
Imagine Oliver, Avery, and Lily are discussing where to deposit their club's funds. They want an institution owned by its members. What is it called?
bank
depository
money place
credit union
When a bank accepts your money, what do they do with it?
They stick it in a shoe box and wait for you to come get it back.
They loan most of it out to people who need money for cars and homes, etc.
They put it in a big pile in the middle of the safe and dance around it.
They write your name on every bill and look at it, longing for your return,
Which of the following is not a characteristic of a SAVINGS ACCOUNT?
Safe place to store money
Owners can write checks from the money in the account
Money is protected by Federal Insurance
Money gains interest over time
Great way to save for something you want or an emergency
Arjun has just started his first job and wants a bank account where he can deposit his salary. He also wants the ability to write checks or use a debit card for purchases. Which type of account should Arjun open?
Money Market
Checking
Savings
ATM
Moving money from one account to another is called a ______________.
Swap
Transfer
Glide
Movement
Putting money into an account is known as _______________.
Sinking
Placing
Withdrawing
Depositing
Imagine Avery just received their first debit card. Which of the following statements about using this debit card is NOT true?
When Avery makes a purchase, the money is taken directly from their bank account.
If Avery uses their debit card to withdraw money from an ATM not affiliated with their bank, they might be charged a fee.
There's a daily limit on how much Avery can spend with their debit card.
Avery never has to worry about someone committing fraud with their debit card.
Why is direct deposit a smart financial idea for Emma when she receives her monthly scholarship funds?
You get your money faster
You get your money safely
You can keep track of your money easier
All of the above
Interest is a fee charged...
by a lender to a borrower
by a borrower to a lender
by a bank for writing a check
by a bank for making a deposit
In banking, what does ATM stand for?
Automatic To Money
At The Moment
Asynchronous Transfer Mode
Automated Teller Machine
Imagine Nora checks her mobile banking app to see the current amount of money available for spending. This amount is known as the...
registered amount
balance
deposited amount
statement
When Liam adds money to his savings account, this transaction is called a...
credit
deposit
debit
withdrawl
A direct deposit...
cannot be paid by credit unions
cannont be expressed as a percentage
is another name for compound interest
goes to your account without using a check
Abigail received a document from her bank that details all her account activities including withdrawals, deposits, and interest earned over the last month. What is this document called?
Bank Statement
Check Register
Certificate of Withdrawals
Certificate of Deposits
The best option if you suspect that someone has stolen your banking information is to ...
Call police
Go home and take a nap
Cancel all cards and notify your bank
Hope your bank catches any suspicious activity
Mia is trying to ensure her online shopping is secure. How can she tell a shopping website is secure?
An s will appear after the http
The website tells you "I am safe"
You always need to scan with an antivirus
Websites are never safe
Which of the following is an example of a peer to peer transaction app
iMonee
AndroidSwap
Venmo
Menvo
When Avery writes a check to Luna for their shared expenses, which part of the check is #3?
Amount written
Amount in numbers
Payee
Routing number
When James writes a check to pay for his textbooks, which part of the check is #2?
Amount written
Amount in numbers
Payee
Routing Number
