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BANKING

Total questions: 133

Worksheet time: 1hrs 4mins

Name
Class
Date
1.

The best reason for depositing money in a bank or credit union savings account instead of keeping your money “under the mattress” is that

a)

It is insured.

b)

It earns interest.

c)

It is safer.

d)

It grows.

2.

The central banking system in the United States.

a)

Federal Reserve

b)

The U.S. Treasury

c)

The Mint

d)

First National Bank of the U.S.

3.

What is an ATM used for?

a)

Withdraw money

b)

Balance your checkbook

c)

Order checks

d)

Write checks

4.

Which of the following services will you NOT be able to access while banking online?

a)

Withdraw cash

b)

Transfer funds

c)

Deposit checks

d)

Order checks

5.

What is the difference in a bank and a credit union?

a)

Credit unions are member owned.

b)

Banks are non-profit

c)

Credit unions are for profit

d)

Banks deal with less cash than credit unions.

6.

Which business charges large fees to cash payroll and government checks to people who do not have a bank account?

a)

Check Cashing Centers

b)

Title Loan Centers

c)

Rent-a-Center

d)

Credit Unions

7.

What is money placed in a checking account called?

a)

Demand deposits

b)

Cash advance

c)

Investments

d)

Bonds

8.

What should you include when you are writing a check?

a)

Date, Payee, Amount, and Signature

b)

Amount, Payee, Signature, check number

c)

Endorsement, Amount, Signature

d)

Date, Amount, Signature

9.

What are direct deposit, electronic funds transfers, and automatic monthly payments features of?

a)

Electronic banking

b)

Check 21

c)

Functions of the Federal Reserve

d)

Pay yourself first

10.

Which of the following financial services is best suited for saving money over a period of years?

a)

Certificate of Deposit

b)

Checking Account

c)

Money Market Account

d)

Stocks

11.

What is obtaining cash from an ATM similar to?

a)

Writing a check

b)

Using credit

c)

Shopping online

d)

Online banking

12.

How does an outstanding check affect your bank balance?

a)

It hasn't been cleared by the bank, so you will have more money showing than you actually have.

b)

It has no affect.

c)

You will less money in your account.

d)

You will be charged an outstanding check fee.

13.

Who insures bank deposits?

a)

Federal Deposit Insurance Corporation (FDIC)

b)

National Credit Union Administration (NCUA)

c)

Federal Reserve

d)

U.S. Treasury Department

14.

Who insures credit union deposits?

a)

Federal Deposit Insurance Corporation (FDIC)

b)

National Credit Union Administration (NCUA)

c)

Federal Reserve

d)

U.S. Treasury

15.
Taking more money out of your account than is available​ is called?
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
16.
Taking more money out of your account than is available​ is called?
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
17.
What is one difference between Banks and Credit Unions?
a)
Banks have Checking accounts and Credit Unions have Savings Accounts
b)
Banks are for profit.  Credit Unions are Non-profit.
c)
Banks can give loans and Credit Unions cannot
d)
Credit Unions allow everyone to join and Banks are selective
18.
What is the amount of money required to be stay in an account?
a)
Maximum Balance
b)
Minimum Balance
c)
Minimum Deposit
d)
Maximum Deposit
19.
What agencies insure banks and credit unions?
a)
IRS and DHS
b)
DHS and FDIC
c)
FDIC and NCUA
d)
NCUA and FICA
20.
You should keep your pin number in your wallet.
a)
True
b)
False
21.
What is the name of a legal document that functions like cash?
a)
Check
b)
ATM
c)
Deposit slip
d)
PIN
22.
When do you have to sign a deposit slip?
a)
When you receive cash back
b)
When you deposit any amount of cash
c)
When you deposit more than $100
d)
When you deposit more than $10,000
23.
What do you call the process of bringing your checkbook register into agreement with the bank statement?
a)
Withdrawal
b)
Deposit
c)
Reconciliation
d)
Endorsement
24.
How do financial institutions make most of their money?
a)
Fees
b)
Interest
c)
Mutual Funds
d)
Loan Payments
25.
The tools and strategies the Federal Reserve uses to stabilize the economy is called?
a)
Fiscal Policy
b)
Monetary Policy
c)
Tight Money
d)
Easy Money
26.
How many federal reserve districts are there?
a)
5
b)
10
c)
12
d)
21
27.
How many Board of Governor members are there?
 
a)
3
b)
5
c)
7
d)
12
28.
Banks create money by taking in deposits, making _______, and charging _______.
a)
interest, payments
b)
loans, interest
c)
payments, loans
d)
debt, loans
29.
What type of endorsement is the most secure?
a)
Blank Endorsement
b)
Restrictive Endorsement
c)
Endorsement in Full
d)
Full Endorsement
30.
If you make an error on a check, what should you do?
a)
Void the check and write a new one
b)
Make corrections and initial the change
c)
Use whiteout to fix the error
d)
Throw the check away and write a new one
31.
Debit Card
a)
Used to add money to your bank account.
b)
Used to take out money from your bank account.
c)
The same as a credit card.
32.
Transaction
a)
Adding or subtracting money from your bank account.
b)
Another word for paycheck.
c)
Interest earned on your bank account.
33.
Donation
a)
Something you give to a charity.
b)
Money you get from working.
c)
Money you pay for taxes.
34.
Spending
a)
Money earned from working.
b)
Money that goes towards wants and needs.
c)
Working overtime.
35.
ATM Machine
a)
Another word for a vending machine.
b)
A machine that gives away free money.
c)
A machine where you can withdraw money from your bank account.
36.
Bill
a)
Money that is owed to you.
b)
Money that you owe (usually monthly).
c)
Your paycheck.
37.
Earnings
a)
Money given to you for working.
b)
Money spent on bills.
c)
Another word for taxes.
38.
Expenses
a)
Money given to you for working.
b)
Money spent on wants and needs.
c)
Another word for taxes.
39.
Withdrawal
a)
Adding money to your bank account.
b)
Taking money out of your bank account.
c)
Earning a paycheck.
40.
Deposit
a)
Adding money to your bank account.
b)
Taking money out of your bank account.
c)
Earning a paycheck.
41.
monthly report that states your transactions and balance
a)
WALL STREET JOURNAL
b)
BANK STATEMENT
c)
SCHOOL STAEMENT
d)
CHECKING REPORT
42.
type of account that pays little to no interest, write checks from this account
a)
CHECKING
b)
SAVINGS
c)
CD
d)
CHRISTAMAS
43.
a card you use to withdraw money at an ATM or to pay at a store
a)
CREDIT CARD
b)
CHECK
c)
DEBIT CARD/ATM CARD
d)
ID CARD
44.
when your employer automatically deposits your paycheck into your bank account
a)
DEPOSIT
b)
PAYROLL CHECK
c)
ATM
d)
DIRECT DEPOSIT
45.
the # assigned to your bank account
a)
BUSINESS NUMBER
b)
ACCOUNT NUMBER
c)
SCHOOL NUMBER
d)
PHONE NUMBER
46.
the amount of money in your account
a)
DEPOSIT
b)
BENJAMINS
c)
BALANCE
d)
DOLLARS
47.
to sign the back of a check
a)
SIGNATURE
b)
X   IT
c)
BANK TELLER
d)
ENDORSE
48.
money the bank pays you for saving your money there
a)
INTEREST
b)
LOAN
c)
CREDIT
d)
SERVICE FEE
49.
an account you share with a family member 
a)
FAMILY ACCOUNT
b)
JOINT ACCOUNT
c)
INDIVIDUAL ACCOUNT
d)
CHECKING ACCOUNT
50.
the LEAST AMOUNT of money you need to keep in your account so you don't get a fee.
a)
MINIMUM BALANCE
b)
MAXIMUM BALANCE
c)
$5
d)
$100
51.
when you spend more, or OVER, the amount you have in the bank
a)
$5
b)
$10
c)
OVERDRAWN/INSUFFICIENT FUNDS/
BOUNCED CHECK
d)
SUFFICIENT FUNDS
52.
type of account that pays interest, no checks
a)
SAVINGS
b)
CHECKING
c)
INTEREST
d)
MORTGAGE
53.
money the bank charges you for a service
a)
DEBIT
b)
LOAN
c)
INTEREST
d)
SERVICE CHARGE/FEE
54.
any action between you and the bank
a)
LOAN
b)
GAME
c)
TRANSACTION
d)
BANK STATEMENT
55.

What was the balance on 30 January?

(a)  

56.

How much did the cinema tickets cost?

(a)  

57.

How much did Miss Hall receive as wages?

(a)  

58.

How much was paid into the bank account in total between 27 January and 4 February?

(a)  

59.

What is the balance after paying the electricity bill?

(a)  

60.

How much did Mr. Smith receive as wages?

(a)  

61.

Work out the cost of Mr. Smith's phone bill.

(a)  

62.

How much did Mr. Smith spend on clothes?

(a)  

63.

What is the name of the bank?

a)

TD

b)

RBC

c)

Scotia Bank

d)

Meridian

64.

What is the customer's street name?

a)

100 Main St

b)

100 Pine St

c)

100 Joseph Howe Dr

d)

100 Mumford Rd

65.

What are the dates for this statement?

a)

July 16- Aug 8

b)

Aug 8

c)

July 9

d)

July 9- Aug 8

66.

What province is this bank in?

a)

Alberta

b)

Ontario

c)

Nova Scotia

d)

New Brunswick

67.
Cash can be withdrawn from a checking account using all of the following except a(n)...
a)
debit card. 
b)
check. 
c)
ATM.
d)
credit card.
68.
Withdrawals on a checking account are usually  unlimited.
a)
True
b)
False
69.
What do you need to withdraw cash from an ATM?
a)
Pin Number
b)
Debit Card
c)
Cash in your Account
d)
All of the Above
70.
If you use an ATM that is not sponsored by your bank, you may be...
a)
given extra money.
b)
given a hug.
c)
given ice cream.
d)
charged a service fee.
71.
Which of the following cannot be done by online banking?
a)
check your account balance
b)
pay bills
c)
transfer money
d)
cash a check
72.

Two benefits of having a checking account are safety and convenience. Which of the following statements is FALSE?

a)

If you have a checking account, you won't need to carry as much cash with you

b)

With a checking account, you have several options for how to pay bills

c)

In order to shop online, you must use a debit card

d)

You can cash checks for free when you cash your paycheck at your bank

73.

A debit card is

a)

Like an ATM card, but you can also use it to make purchases at retail locations and funds are wirthdrawn directly from your checking account

b)

The same as a credit card, buy now, pay later

c)

Similar to a gift card from a retail store, since you buy the debit card and replenish the funds once a month.

d)

Only used to get cash from an ATM

74.

Services you may be able to access when you do banking online include:

a)

Debit card replacement and check ordering

b)

Money transfers, deposits, and withdrawals between accounts

c)

Electronic statements and alerts

d)

All of the choices

75.

Mobile banking allows you to

a)

Use your computer to complete banking transations

b)

Use your cell phone to access or receive account information

c)

Make purchases or payments with your cell phone

d)

Travel from bank to bank to complete tracsations

76.

When you take more money out of your account than you have in it, that is called:

a)

A debit transation

b)

Balancing your account

c)

An overdraft

d)

When A monthly service fee

77.

The best way to avoid overdrawing your account or writing a "bad Check" is to

a)

Only write on check per month

b)

Not use your ATM and a checkbook at the same time

c)

Record all of your trasations

d)

Use online banking and bill payment services

78.

You are checking out at the Finish Line in the mall and you use your debit card to pay for your purchase. Where does the money come from to cover the purchase?

a)

the credit card company covers the cost

b)

it is deducted directly from your checking account

c)

it is deducted directly from your credit card account

d)

the money is deducted from your checking account in 5-7 days

79.

You got an alert from your bank that you balance dropped below $50 after an ATM withdrawal. You haven't made any ATM withdrawals recently . What should you do?

a)

Check your monthly statement when it arrives

b)

Check your wallet for your debit card. If you have it, you don't need to worry.

c)

Contact your bank immediately because you may be a victim of hacking/identity theft

d)

Wait a few more days to see if there are more unexpected transactions

80.

Which of these activities would reduce your checking account balance IMMEDIATELY?

a)

using your debit card to buy a pack of gum

b)

writing a check for your rent and putting it in the mail

c)

using your credit card to buy a new winter coat

d)

depositing a check at the ATM

81.

How often should you expect to receive a bank statement for your checking account?

a)

annually

b)

monthly

c)

weekly

d)

daily

82.

Which of these statements best describes direct deposit?

a)

your employer deposits your paycheck directly into your account

b)

your employer mails your check to the bank instead of you

c)

you deposit your check directly into your account as soon as you receive it

d)

you take your check to a check cashing location to cash before depositing the cash into your account

83.

Money that you put into your account is called a ___________.

a)

withdrawal

b)

deposit

c)

balance

d)

endorse

84.

Money that you take from your account is called a ________________.

a)

endorse

b)

balance

c)

withdrawal

d)

deposit

85.

The amount of money in your bank account is your __________.

a)

balance

b)

deposit

c)

withdrawal

d)

endorse

86.

A record of your checking account transactions is called a ___________________.

a)

checking account

b)

electronic funds transfer

c)

credit union

d)

check register

87.

Signing your name on the back of a check in order to receive the amount of money written on the front of the check.

a)

withdrawal

b)

endorse

c)

deposit

d)

reconcile

88.

The transfer of money from one bank account to another by electronic means is called an _________________.

a)

electronic funds transfer

b)

credit union

c)

automatic teller machine

d)

check register

89.

This allows you to manage your money from a computer with internet access.

a)

electronic funds transfer

b)

checking account

c)

debit card

d)

online banking

90.

A _____________ is a bank for people that are part of the same organization and is controlled by its members.

a)

commercial bank

b)

brokerage firm

c)

credit union

d)

real estate agency

91.

A _______________ is a type of bank account designed to hold funds for a short period of time.

a)

checking account

b)

savings account

c)

deposit account

d)

retirement account

92.

A _________ is a written document that authorizes (approves) the transfer of money from a bank account to a person or business.

a)

statement

b)

check

c)

direct deposit

d)

withdrawal slip

93.

When you __________ items, that means you make them agree.

a)

sign

b)

endorse

c)

deposit

d)

reconcile

94.

A _____________ is a card that you can use to withdraw money directly from your checking account.

a)

gift card

b)

credit card

c)

debit card

d)

prepaid card

95.

This can be found in a number of places (gas stations, banks, stores, etc.) It allows you to withdraw or deposit money.

a)

automatic teller machine

b)

electronic funds transfer

c)

deposit slip

d)

withdrawal slip

96.

What is a fee?

a)

An amount given back to you

b)

An amount deducted from your account from a store

c)

A set amount of money charged to you for ATM usage or writing a check for an amount that is greater than is what is in your account.

d)

Something of value that you own - paid for in full

97.

Who is someone who can help when you are doing a transaction in the bank

a)

ATM

b)

Routing Number

c)

Teller

d)

Transit Number

98.

What do we call the money that your money earns when in an account

a)

Balance

b)

Interest

c)

Statement

d)

Teller

99.

An overdraft is when...

a)

You deposit money into your account

b)

You pay your bills

c)

You return something to a store and recieve money back

d)

You withdraw more money that you have available in your account

100.
Using a PIN is optional when using a debit card.
a)
True
b)
False
101.
when your employer automatically deposits your paycheck into your bank account
a)
DEPOSIT
b)
PAYROLL CHECK
c)
ATM
d)
DIRECT DEPOSIT
102.

A type of account that has two or more people on it

a)

Savings account

b)

Joint account

c)

Checking account

103.

Which of these logos is from a bank?

a)
b)
c)
d)
104.

Which of these logos is from a bank?

a)
b)
c)
d)
105.

Which of these logos is from a bank?

a)
b)
c)
d)
106.

A fee for insufficient funds could be as much as?

a)

$15

b)

$25

c)

$35

d)

$45

107.

True or False: Using ATMs that are not affiliated with your bank, will lead to charges from the ATM provider and your bank.

a)

True

b)

False

108.

Banks often waive the maintenance or account fee if which of the following occurs?

a)

The account does not have too many transactions

b)

The account stays above a minimum balance

c)

The account is not used

d)

The account is a savings account

109.

The place where your money is kept safe is the ________

a)

bank

b)

bank teller

c)

ATM

d)

deposit

110.

The person who works at a bank is called a ___________________

a)

bank

b)

bank teller

c)

ATM

d)

deposit

111.

The _____ is a machine that lets you take out or add money to your bank account.

a)

bank

b)

bank teller

c)

ATM

d)

deposit

112.

What is it called when you add money to your bank account?

a)

bank

b)

bank teller

c)

ATM

d)

deposit

113.

When you are borrowing money, you get a __________.

a)

checking

b)

savings

c)

loan

d)

debit card

114.

A checking account is used for

a)

paying for goods and services.

b)

saving for expensive items.

c)

when you need to borrow money.

115.

A debit card uses money from what account?

a)

checking

b)

savings

c)

loan

116.

When you look at your balance, you are looking at

a)

a piece of paper you can pay for goods and services with.

b)

how to take money out of your account.

c)

how to turn a check in to money.

d)

how much money is your account.

117.

Jake got a $100 check from his grandma for Christmas. He goes to the bank and gives them his check and gets $100 back. What did he do?

a)

wrote a check.

b)

took out a loan.

c)

cashed his check.

d)

looked at his balance.

118.

You need to get $25 out of your bank account. You tell the bank teller you want to make a _______ of $25.00.

a)

deposit.

b)

withdraw.

c)

write a check.

d)

take out a loan.

119.

A check is _________.

a)

plastic that pays people with money from your account.

b)

how you get a loan.

c)

a piece of paper that is used to pay people with money from your account.

d)

how much money is your account.

120.

A _________ lists your balance, withdraws, and deposits.

a)

statement.

b)

balance.

c)

withdraws.

d)

deposits.

121.

A bank is where you go to get a bank account. The two main types are _______ (pick two).

a)

checking.

b)

statement.

c)

balance.

d)

savings.

122.

A safety deposit box is a place in the bank where they keep expensive items that are not money.

a)

True

b)

False

123.
_____ is something owed to another-- an obligation to pay
a)
income
b)
debt
c)
goal
d)
money
124.
Things necessary to live
a)
wants
b)
goals
c)
needs
d)
money
125.
Is a spending plan for managing money during a given period of time
a)
debt
b)
expense
c)
budget
d)
fixed expense
126.
Occurs when you spend more money than you actually have
a)
withdrawal
b)
income
c)
overdraft
d)
goal
127.
Things you would like to have are called
a)
needs
b)
expenses
c)
wants
d)
budgets
128.
The amount of money you have available in your account to spend
a)
deposit
b)
debt
c)
balance
d)
withdrawal
129.
Which of the following is NOT a need?
a)
Food
b)
Clothes
c)
Netflix
d)
Shelther
130.
A _____ is used to add funds to a bank account
a)
deposit slip
b)
signature card
c)
check
d)
check register
131.

A bank is...

a)

a business that keep money for customers and makes loans.

b)

a company that uses your money for bartering.

c)

an organization that holds money and other valuable assets.

d)

a business that borrows money from you.

132.

A profit is...

a)

money earned

b)

money spent

c)

money borrowed

d)

money lent

133.

When you take out a loan, ________ is added on to your total expense. The longer you have your loan, the more of this you will have to pay.

a)

Interest

b)

Inflation

c)

Balance

d)

Loan addend

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