Worksheets25-26 Modern Money: All Parts
Total questions: 125
Worksheet time: 1hrs 3mins
Part 1 Modern Money: Safe Digital Banking, Introductory financial concepts.
How well do you feel like you understand how banks, mobile banking, checking, savings, and things like that work?
1- I have no idea
2- I a little bit
3- I know some of it
4- I know most of it
What is an account balance?
The amount of money you have in an account.
The fees you must pay to have an account.
An action you take to protect your savings.
A type of account offered by a financial institution.
An account balance shows _______________.
how much money you need to open an account
how different accounts at a financial institution can be connected
if you are eligible to open an account
the amount of money that you have in an account
What service does a financial institution offer to help you track your money?
Interest payments
Checks
Safe deposit boxes
Account balances
What is a transaction that has not been processed yet by a financial institution?
An overdraft transaction
An annual transaction
A pending transaction
An insured transaction
What is a pending transaction?
A transaction done digitally or at an ATM (not in person)
Another name for an overdraft fee
A transaction that is a withdrawal
A transaction that has not been processed yet
Why would you possibly not be able to use a check that you just deposited in a checking account?
The deposit is still pending.
The deposit has been overdrafted.
The FDIC/NCUA has not insured it yet.
The financial institution is closed for the day.
Which balance shows the amount of money you can use now?
Current balance
Available balance
Pending balance
Checking balance
Which account balance includes pending transactions?
Current balance
Available balance
Pending balance
Checking balance
Why do current and available balances sometimes show different amounts of money in the same account?
Current balances subtract pending transactions from the available balance.
Available balances include earned interest.
Available balances subtract pending transactions from the current balance. v
Current balances include earned interest.
What is it called when someone doesn’t have enough money in an account to cover a charge?
Compound interest
Pending charge
Insufficient funds
Negative balance
. Financial institutions charge a fee for an overdrawn account because _________________________.
you have spent more money than you had in an account
all accounts have yearly fees associated with them
overdrawn accounts are considered premium and offer more options
you haven’t deposited any money in a month
What does it mean when someone’s account is overdrawn?
Funds have been transferred from a savings account to a checking account.
The account has been closed.
t’s not earning interest because there is less than $100 in the account.
They’ve charged more to their account than they have available.
A savings account that is insured by the FDIC/NCUA means ____________________.
the money is protected by the government
there are usually security guards in the lobby
it is insured up to $250,000 by the FDIC/NCUA
it is invested in stocks which are protected by the stock exchange
One sign that your money will be safe in a savings account is if _____.
it is held in a weatherproof box
there are usually security guards in the lobby
it is insured up to $250,000 by the FDIC/NCUA
it is invested in stocks which are protected by the stock exchange
Savings accounts can be considered safe because they are _____.
strategically placed
placed within vaults
investments
insured by the FDIC/NCUA
How can you check your account balance?
Call your financial institution directly.
Log in to your account online.
Download and use your financial institution’s app
At an atm
Which is not a way you can check your account balance?
Call your financial institution directly.
Log in to your online account.
Contact the FDIC/NCUA.
Use your financial institution’s mobile app.
It’s essential to know how to check your account balance in order to manage your money. Which of the following is not an effective way of checking your balance?
Contact the FDIC/NCUA.
Call the financial institution directly
Check your account online.
Download the financial institution app.
What type of account is used to pay for daily expenses?
Available account
Savings account
Checking account
Pending account
What is one benefit of a savings account?
You can use a debit card to pay for purchases.
You can track expenses through your checkbook
You can use it to pay for daily expenses.
You can earn interest on the money in the account.
Which best describes the purposes of savings and checking accounts?
Savings accounts are for paying for expenses and checking accounts are for meeting financial goals
They are both the same, just sometimes used differently
Savings accounts are for meeting financial goals and checking accounts are for paying daily expenses.
Savings accounts are for tracking expenses and checking accounts are for paying them.
An account that earns interest and is used to to meet financial goals is a _______________.
accounts payable
savings account
account balance
checking account
Which is not a benefit of a checking account?
It offers very little or no earned interest.
It is usually connected to a debit card.
It is usually connected to a debit card.
You can write checks from it to pay for things.
Which account is more likely to have penalties for frequent withdrawals?
Available account
Savings account
Checking account
Pending account
Financial institutions pay _____ to you for letting them use your money.
interest
fees
penalties
maintenance costs
What is interest?
A reward for maintaining a certain available balance
in a checking account.
The money a bank pays you for allowing them to use your money.
A reward for avoiding penalties on a checking account.
Bonuses given for using a debit card.
Which type of interest can earn more money over the long term?
simple interest
compound interest
complicated interest
savings interest
What is a benefit of an account with interest?
You earn money.
You avoid fees.
You improve your credit history.
It tracks your spending.
Which will not help you earn more interest in a savings account? A high interest rate
A high interest rate
Withdrawing money from the account on a regular basis
Keeping your money in the account for a long time
Depositing money into the account on a regular basis
What three variables determine how much interest a person could earn from a savings account?
Place, interest rate, time invested
Amount, place, time invested
Amount, interest rate, place
Amount, interest rate, time invested
How confident do you feel to start your Everfi Online unit
1- not at all I don´t get any of it
2-I can start but I will need help
3-I feel okay to start
4-I think I can use my notes and be okay
Part 2 Modern Money: Safe Digital Banking™ Modern Digital Banking
How well do you feel you understand mobile banking: using banking apps, when and how to deposit checks, safe use of mobile banking apps.
1- I don't know much
2- I know a little
3- I know some things
4- I know most things
Which of the following can be done through a mobile banking app?
Depositing a check
Checking account balances
Transferring money
Deposit cash
Which of the following cannot be done through a mobile banking app?
Making a deposit
Withdrawing cash
Checking an account balance
Transferring money
What can be done in a mobile banking app that can’t be done online?
Getting help
Transferring money
Depositing a check
Opening an account
If someone wanted to talk to a financial institution representative in person they would need to _______________.
use a mobile app
visit the financial institution
log on to the financial institution’s website
go to an ATM
. Why would someone need to visit a financial institution branch?
To transfer money between accounts
To make a deposit
To talk to a representative in person
To check their account balance
Which of the following is not a benefit of digital banking (online and mobile)?
t’s convenient.
It’s easy to use.
It has many of the same features as in-person banking.
You can talk to a representative in person.
What is a possible danger of using public Wi-Fi for completing digital banking tasks?
You can’t talk to a representative in person.
Someone could steal your information.
You won’t be able to withdraw cash.
You might forget your password.
Why is it a good idea to turn off Wi-Fi while using a mobile banking app?
Wi-Fi is faster than cellular.
Cellular is faster than Wi-Fi.
Cellular data is more secure than public Wi-Fi.
Public Wi-Fi is more secure than cellular data.
Which is not a good security precaution to take while using online or mobile banking apps?
Create a strong password for all accounts
Avoid using public Wi-Fi
Use two-factor authentication like a fingerprint scan
Use public Wi-Fi with a secure password
What are deposits and withdrawals also known as?
Settings
Postings
Transactions
Alerts
A transaction can be ____________.
a deposit or a withdrawal
only deposits
only withdrawals
any time you check your account balance
You can see a record of recent transactions while checking your _______________.
financial institution’s ATM locations
account balances
Wi-Fi settings
mobile banking app settings
Which of the following does not need to be done when depositing a check using a mobile app?
Mark or write ‘For mobile deposit only’ on the back
Verify the amount of the check
Write ‘deposited’ across the check before discarding it
Sign the back of the check
Which of the following needs to be done before depositing a check using a mobile app?
The person or company that wrote the check must add you to their contact list.
‘For mobile deposit’ needs to be written or checked off on the back of the check.
The name of the financial institution must be written on the back of the check.
Your social security number needs to be written on the back of the check.
How long should you keep a check that you deposited using a mobile app?
At least three days
At least seven days
Until it appears in your account as a pending transaction
Until it has been approved and posted to your account
Moving money from a savings account to a checking account at the same financial institution is called a __________.
deposit
bill pay
balance
transfer
What action are you taking if you use your mobile app to transfer funds?
Checking all of your accounts for their transaction histories
Moving money from one account to another at the same financial institution
Paying bills from your checking account
Making a deposit to your savings account
If you wanted to move some money from your checking account to your savings account, what button would you select in a mobile banking app?
Transfer
Deposit
Pay bill
Account
What is the purpose of setting an alert in a mobile banking app?
To wake you up in the morning
To notify you of important account activities
To send messages to peers about your accounts
To pay attention to important news headlines
Which is not a feature of a mobile banking app?
Bill paying
Help from customer service
Ordering food for delivery
Locating nearby financial institutions and ATMs
Online banking sites and mobile banking apps can help you manage your money because __________.
they limit how much you can spend
they allow you to track your spending and savings
they offer higher interest rates which helps with savings
they make it easier to spend your money
Since online banking and mobile apps allow you to track your spending and savings, they are really helping you _______________.
reach higher interest rates
make your money even safer
avoid using the services of your financial institution
manage your money
Managing your money can be made easier with online and mobile banking since they help you _______________.
track your spending and savings
reduce your expenses
increase your interest rates
decrease the number of your bills
.Scheduling an _____ payment of your bills is one way to use online or mobile banking apps to help manage your money.
interest
automatic
organizational
alert
How can you use online or mobile banking apps to help you pay your bills on time each month?
By setting an alert when bills are due
By transferring money between checking and savings account
By having a direct deposit paycheck
By checking up to the minute balances in your accounts
.What can you schedule with online and mobile banking apps that can help you pay your bills on time and regularly?
Transfers between accounts and alerts
Deposit notifications and ATM indications
Automatic payments and alerts
Chatbot notifications and transfer of funds
One way to meet a savings goal is to schedule automatic _____ of money from a checking to a savings account.
alerts
transfers
verifications
withdrawals
Online and mobile banking can be used to help you meet savings goals by _______________.
scheduling automatic transfers into a savings account
raising your savings interest rates the more you use the online and mobile services
offering incentives to keep banking with your current financial institution
accepting direct deposit paychecks
Using online and mobile banking apps to schedule automatic transfers of money into your savings account can help you _______________.
meet your financial institution’s account requirements
raise your credit score
meet savings goals
pay bills
Part 3 Modern Money: Safe Digital Banking™ Identity Theft and Fraud Protection
How well do you feel you understand facts of identity theft, scams and fraud?
1- I don't know anything
2- I don't a little
3- I know some things
4- I know most things
Which of the following is safe to do over public Wi-Fi?
Checking credit card balance
Looking up information for a class
Checking email
Logging into a banking portal online
Which of the following is safe to do over public Wi-Fi?
Checking credit card balance
Checking email
Searching for information about internet security
None of these
True or False: You can use public Wi-Fi to do online banking as long as you visit encrypted and
secure websites.
True because public Wi-Fi is safe for online banking
True because public Wi-Fi is safe for online banking
False because you may be using a Wi-Fi access
point and visiting a spoofed site.
False because strong passwords make you safe not the site’s encryption.
Criminals may be able to use your social media posts to steal from you if you __________________.
share some of your favorite songs that you like to listen to
share memes that might show your political and social attitudes
share information about types of movies you like
share where you like hang out and your birthday
It may be safe to share some personal details on social media like your pet’s name and the school you attend if you do what?
Only post personal information once on a while
Only log on to your account at home
Set your account to private and only allow people you know
Block users who seem suspicious
Which of the following is a best practice of social media safety?
Do not share personal details unless your account is private and you only connect with people you know.
Do not log onto your social media account using your cell data.
Only log onto your social media account when you’re at home
Do not share personal details unless you block users who seem suspicious.
Which of the following will make a weak password?
Making it least 16 characters long
Repeating letters and numbers
Mixing letters, numbers, and symbols
Using upper and lowercase letters
When creating a strong password, which of the following should you not do?
Make it least 16 characters long
Use upper and lowercase letters
Mix letters, numbers, and symbols
Repeat letters and numbers
When creating a strong password, which of the following should you do?
Repeat letters and numbers
Use common words
Mix letters, numbers, and symbols
Use common phrases
What is a spoofed email or website?
An imposter email or website that is designed to look like it came from a legitimate company
An email or website that was hacked and no longer works
An email or website that shouldn’t be used because hackers stole the usernames and passwords for it
All of these
Which of the following is true of a spoofed or imposter site?
They usually have an address that looks similar to a real company web address.
It’s pretty obvious that it is a spoofed website since it will look really fake.
They will never have a lock icon next to the website address.
It’s safe to enter your information over the site as long as you do it on your home computer.
Which of the following is not true of spoofed, imposter sites?
They will never have a lock icon in the URL toolbar
They usually have an address that looks similar to a real company URL.
Information you provide over the site can be stolen
They are also known as look-a-like domains
Which of the following are methods a criminal uses to get someone’s money or personal information?
Over the phone
Through an email
On a fake website
Through a text
Which of the following is not a common characteristic of a spoofed email?
Spelling and grammar mistakes
Offers that seem too good to be true
Threatening emails or emails that appeal to sympathy
It comes from the email accounts of your friends and family
Which of the following is not a suspicious email characteristic?
Offers that seem too good to be true
Spelling and grammar mistakes
Emails claiming to be from government offices
Threatening emails or emails that appeal to sympathy
You have the best chance of getting your money back from a scam if what happened?
You did authorize the payment.
You didn’t authorize the payment
You called the police
You were using a secure connection
Your ability to get your money back from a scam or fraud depends on what?
If you authorized the payment
How much money you lost
Whether or not the police believe you
Which financial institution you use
Which of the following is true of a scam?
If you file a claim, you can usually get your money back.
You get your money back only if you contact your financial institution quickly.
Whether or not you can get your money back depends on how much you lost.
If you authorized the payment, it may be more difficult to get your money back.
Which example shows a victim authorizing a scam or fraud?
Maria used public Wi-Fi to log into her bank account. A couple of days later, there were some mysterious withdrawals from her account.
Khalid paid for his meal using his credit card. The waiter copied his card and then used the card to purchase things later
Felicia had her identity stolen when she lost her credit card
Paul got a call saying he had unpaid parking tickets and they asked for his credit card number. He gave it to them to avoid going to jail.
Which example shows a victim authorizing a scam or fraud?
Deandre had his identity stolen when he lost his credit card.
Juan got a call saying he had unpaid parking tickets and they asked for his credit card number. He gave it to them to avoid going to jail.
Drew paid for his meal using his credit card. The waiter copied his card and then used the card to purchase things later.
Samantha used public Wi-Fi to log into her bank account. A couple of days later, there were some mysterious withdrawals from her account.
Which example shows a victim authorizing a scam or fraud?
Marco paid for his meal using his credit card. The waiter copied his card and then used the card to purchase things later.
Jalil used public Wi-Fi to log into his bank account. A couple of days later, there were some mysterious withdrawals from his account
Koli got a call saying she had unpaid parking tickets and they asked for her credit card number. She gave it to them to avoid going to jail.
Ann had her identity stolen when she lost her credit card.
Who do you contact to get your credit report?
The credit bureaus
Your financial institution
Any credit card company
The Department of Consumers Affairs
Which companies or organizations keep track of your borrowing history?
The IRS
Your financial institutions
Credit bureaus
The Department of Consumers Affairs
When are you allowed to review your credit report?
Once a year
Once a year unless you are the victim of fraud, then twice a year
You can get a copy at any time, but it’s only free once a year
Only when you are the victim of fraud
Why is it important to check your credit report at least once a year?
To see if anyone is suing you
To check for suspicious activity on all of your accounts
To see your last account balances
To check to see if all balance transfers took place
Which of the following steps is not recommended if you think you are the victim of identity theft or fraud?
Review your credit report
Alert your financial institutions
Wipe the hard drive of the device you used when the fraud occurred
Change your passwords
What should you do if you suspect you are the victim of identity theft?
Review your credit report, alert your financial institutions, and change your passwords
Review your credit report, alert your financial institutions, and delete your hard drive
Review the news, alert your credit card company, and change your passwords
Review your passwords, alert your credit report and change your financial institution.
Which of the following is not someone who should be contacted if you are the victim of identity theft or fraud?
The credit bureaus
Your financial institution
Credit card companies
Your local elected official like the mayor
Who should you not contact if you think you are the victim of identity theft or fraud?
Your local elected official like the mayor
Your financial institution
Your financial institution
The credit bureaus
If you are the victim of identity theft or fraud, you should contact the following places except __________.
credit card companies
your local elected official like the mayor
credit bureaus
your financial institution
How confident do you feel to start your Everfi Online unit on identity theft?
1- not at all I don´t get any of it
2-I can start but I will need help
3-I feel okay to start
4-I think I can use my notes and be okay
Part 4 Modern Money: Safe Digital Banking™ Peer-to-Peer Transactions
How well do you understand Peer-to-peer transactions like cash app and Venmo?
1- I don't know anything
2- I know a little
3- I know some things
4- I know most things
When comparing P2P apps, it’s important to pay attention to fees, safety and privacy and __________. (P2P is person to person like cash app)
how many businesses accept the app
which of your friends and family members use it
brand name recognition
logo design and colors
Which of the following features is not important when comparing P2P apps and services?
Users
Safety and privacy
Fees
Data plan rates
Which of the following features is not important when comparing P2P apps and services?
Fees
Safety and privacy
Users
Brand
Most P2P apps or services can be linked to checking accounts, debit cards or __________.
certificate of deposits
money market accounts
credit cards
stocks and bonds
Which of the following accounts cannot be linked to most P2P apps or services?
Credit card
Checking account
Debit card
Certificate of deposit
Which of the following accounts cannot be linked to most P2P apps or services?
Checking account
Money market account
Debit card
Credit card
Most P2P apps or services provide safety and privacy features such as verification of payment amount before payment is sent, a user PIN, and __________.
a call from a representative call for payments over $100
iris scan
opting out of data sharing
secure keys that are sent to both sender and receiver before payment is sent
Which of the following safety and privacy features is not included in a P2P app or service?
A user PIN
Transfer to digital lockbox until receiver uses PIN to open it
Opt-out of data sharing
Verification of payment amount before sending
Which of the following safety and privacy features is not included in a P2P app or service?
Representative call for confirmation of payments over $100
Verification of payment amount before sending
Opt-out of data sharing
A user PIN
You can protect yourself against sending a P2P payment to the wrong person by using an app or service that asks you to confirm the payment before it is sent, by double-checking the recipient’s information before sending and _______________.
by typing in the recipient’s information by hand
by asking the recipient to send you a payment request first
by contacting the recipient beforehand to tell them you’re sending money
by texting the recipient to make sure they received the money
Which of the following ways is not something you can do to protect yourself against sending payment to the wrong person when using a P2P payment app or service?
Double-check the recipient’s email or phone number before sending the payment
There is no way to protect yourself against sending payment to the wrong person when using a P2P app or service
Ask the recipient to send you a payment request
Use a P2P payment app or service that asks you to confirm the payment before it is sent
Which of the following ways is not something you can do to protect yourself against sending payment to the wrong person when using a P2P payment app or service?
Use a P2P payment app or service that asks you to confirm the payment before it is sent
Double-check the recipient’s email or phone number before sending the payment
Ask the recipient to send you a payment request
Use a PIN to access your P2P app or service
How can you get your money back if you send a P2P payment to the wrong person?
Contact a credit bureau
Contact your P2P app or service and request to stop the payment
Try to contact the person you sent the payment to
Contact the police
How can you get your money back if you send a P2P payment to the wrong person?
Contact a credit bureau
Try to contact the person you sent the payment to
Contact the FBI
Request a stop payment from your P2P app or service provider
Why is it very important to verify you are sending a P2P payment to the right person before actually sending it?
Sending payments to the wrong people can be frustrating but you just have to press the back button to change it
Accidental payments can take a while to get the money back from the P2P app or service.
Accidental payments need to be reported to the police and can take a while to get resolved.
Sent payments are final; you will need to ask for it back from the person you sent it to accidentally.
.Some common ways that criminals try to pressure people into falling for a scam include an offer that seems too good to be true, appealing to your emotions and _______________.
giving you plenty of time to think over the offer so you know it is right for you
meeting in person
creating a sense of urgency to get the deal immediately
by threatening physical violence
Some common ways that criminals try to pressure people into falling for a scam include creating a sense of urgency, appealing to your emotions and _______________.
making an offer that seems too good to be true
meeting in person to build trust
by threatening physical violence
making an offer that needs to be compared with other products to see if it is a good deal
.Which of the following is not a common tactic scammers use to get their victims to authorize payments?
Offers that are too good to be true
Physical aggression
Emotional appeals
Promises and guarantees
Scammers often say that P2P payments are protected by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Association). Why is this wrong?
The FDIC/NCUA only protects money when it is more than $250,000.
The FDIC/NCUA only protects money that is being held in a financial institution’s accounts, not when it is transferred.
The FDIC/NCUA only protects money when it is being transferred between people.
The FDIC/NCUA only protects the recipient and not the sender, so they are protected but you are not when you send money
Scammers often say that P2P payments are protected by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Association). Why is this wrong?
The FDIC/NCUA only protects the recipient and not the sender, so they are protected but you are not when you send money
The FDIC/NCUA only protects money when it is being transferred between people
The FDIC/NCUA does not protect money that is being transferred between accounts; it only protects money that is held in a financial institution’s account
The FDIC/NCUA only protects money when it is more than $250,000.
Which of the following are ways your funds are protected by the FDIC/NCUA and Regulation E when using a P2P payment app or service?
FDIC/NCUA protects the payment transfer and Regulation E protects the recipient.
Regulation E protects electronic payments during transfer and the FDIC/NCUA protects the money in your financial account.
Regulation E protects your funds if you send payment to the wrong person and the FDIC/NCUA insures money in your account.
Regulation E is another name for the FDIC/NCUA and they both protect money in your account.
Identify why this might be a scam: “My kid brother is no longer able to go to the game since he just went into the hospital. We want to make sure the tickets don’t go to waste.”
The scammer is making promises and guarantees that may not be true.
The deal sounds too good to be true.
The scammer is creating a sense of urgency to make you pay right now.
The scammer is playing on your emotions and trying to build trust.
Identify why this might be a scam: “I have 10 other people trying to buy these shoes right now. If you can send me the money now, they are yours.”
The scammer is making promises and guarantees that may not be true
The deal sounds too good to be true.
The scammer is creating a sense of urgency to make you pay right now
The scammer is playing on your emotions and trying to build trust
Identify why this might be a scam: “Hey, if you don’t like the game console or if it doesn’t work for some reason, just let me know and I will take it back and refund your money within a couple weeks. You have nothing to worry about.”
The scammer is making promises and guarantees that may not be true
The deal sounds too good to be true.
The scammer is creating a sense of urgency to make you pay right now
The scammer is playing on your emotions and trying to build trust
If you suspect that you were scammed into authorizing a payment using a P2P app or service, you should contact your financial institution or credit card company, the police and __________.
the P2P’s customer support
the FBI
your phone carrier company
the governor or mayor
If you suspect that you were scammed into authorizing a payment using a P2P app or service, you should contact the P2P’s customer service, your financial institution or credit card company and _____.
your phone carrier company
your principal
the police
the governor or mayor
Why is it important to contact customer support of your P2P app or service if you feel you have been scammed?
They can contact the police and file a report for you
They can offer you additional protections for your account since you have been scammed.
They may be able to remove the scammer from the P2P app or service.
They should not be contacted; contact the police instead.
One way to avoid getting scammed using a P2P app or service is to only send money to __________.
businesses you know and trust
pay off important loans like for college and a car
people you know and trust
new contacts on social media
One way to avoid getting scammed using a P2P app or service is to do which of the following?
Send money to businesses you know and trust
Send money to people you know and trust
Send and receive money to new contacts on social media
Only use to pay off important loans for college and a car
Which of the following statements is correct about using a P2P app or service safely?
You can use a P2P app or service to receive payment from someone you don’t know, but never send money to people you don’t know.
P2P payments should not be used to send or receive payment from people you do not know
You should only link a credit card to a P2P payment app or service.
You should only link a checking account to a P2P payment app or service
