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Banking Checking and Savings Accounts CDs

Total questions: 51

Worksheet time: 45mins

Name
Class
Date
1.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
2.

When you write a check from your checking account, the amount of the check will be ______ from your account.

a)

added

b)

subtracted

c)

multiplied

d)

divided

3.

What do I write when I want to cancel a check?

a)

Null

b)

Void

c)

Balance

d)

Nevermind

4.

What is another name for the total in your checking account?

a)

deposit

b)

void

c)

withdrawal

d)

balance

5.
What should be written on line 2?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
6.
The first set of numbers at the bottom of your check are called
a)
check routing numbers.
b)
checking account numbers.
c)
deposit numbers.
d)
banking numbers.
7.
In which format would you write the amount of the check in the small space that starts with the dollar sign?
a)
100.00
b)
One hundred dollars and no/100
c)
100 dollars and 00 cents
d)
One hundred dollars and no cents.
8.
A debit card
a)
is the same as a credit card.
b)
charges interest on all transactions.
c)
is the same as a check, only in a plastic form.
d)
is similar to a check, but delays payments like a credit card.
9.
Reconciling a bank statement is used to
a)
find your daily account balance.
b)
write down all transactions with your account.
c)
determine if there are any discrepancies in your records.
d)
track all fees paid to your financial institution.
10.
What should be written on line 6?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
11.
The bank issued card that deducts money directly from the checking account is
a)
debit card
b)
credit card
c)
savings account
d)
money market
12.
The payer/payor is
a)
one who receives payment
b)
one who pays the payment
c)
the one who cashes in
13.
The ________ is at the top right corner of the check.
a)
Endorser
b)
Date
c)
check number
d)
what it is for
14.
The ________ is found at the bottom right corner of the check.
a)
date
b)
check number
c)
payer/payor
d)
for
15.
The ________ is found at the bottom right corner of the check.
a)
date
b)
check number
c)
payer/payor
d)
for
16.
The routing number is found at the ____ ____ of the check.
a)
bottom left
b)
bottom right
c)
top right
d)
top left
17.

All transactions including deposits, checks, debit card purchases, additional fees, and ATM use should be recorded here immediately after completion.

a)

Check Register

b)

Checkbook

c)

Debit Card App

d)

A piece of paper you keep safe

18.
A checking account is also called a demand deposit account because the account holder may withdraw money on demand or write checks on the account any time.
a)
True
b)
False
19.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
20.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
21.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
22.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
23.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
24.
This transaction removes funds from your account.
a)
Debit
b)
Credit
c)
Loan
d)
Deposit
25.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
26.
Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?
a)
Big Bucks Bank
b)
Cassie Porter
c)
Lots a Loot Bank
d)
Sherwood Bennett
27.

Which of the following is not considered a credit?

a)

Overdraft Fee

b)

Interest Earned

c)

Direct Deposit

d)

Check Deposit

28.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

29.

Paying bills online is generally considered slower & more risky than writing a check.

a)

True

b)

False

30.

Debit card transactions do not need to be recorded in your personal records (checkbook register).

a)

True

b)

False

31.

You should reconcile your checking account as soon as you receive your monthly bank statement.

a)

True

b)

False

32.

The usual reason for a stop-payment order is that the check has been lost or stolen.

a)

True

b)

False

33.

The more liquid an investment, the less earning potential it is likely to have.

a)

True

b)

False

34.

A money market account is an interest-bearing account that pays a higher rate of interest.

a)

True

b)

False

35.

Compound interest refers to interest paid on the principal and interest earned.

a)

True

b)

False

36.

If a depositor withdraws part or all of a CD (certificate of deposit) before its maturity date, they will pay a penalty fee.

a)

True

b)

False

37.

A check written by a bank using its own funds is called ...

a)

certified check

b)

cashiers check

c)

travelers check

d)

money order

38.

If you write a check for more money than is in your account, you will overdraft on your account. Then your check or debit transaction will be labeled as ______.

a)

Non-Sufficient Funds

b)

Void

c)

Canceled

d)

Just gets ignored

39.

How are credit unions and banks different?

a)

Typically deposits at banks are insured and credit unions aren't.

b)

Banks charge over draft fees and credit unions do not.

c)

Banks are owned by shareholders, while credit unions are owned by members (the people who bank there).

d)

Banks allow customers to do online banking while credit unions are too small to provide that service.

40.

Which of the following items is MOST liquid?

a)

Home

b)

Regular Savings Account

c)

Certificate of Deposit (CD)

d)

Stocks and/or Bonds

41.

The amount of money you deposit into a savings or checking account is called the ___ (typically at the start).

a)

Interest

b)

Deposit

c)

Principal

d)

Money

42.

A _____ is a type of checking account that has a small (or no) monthly fee and no per-check fee.

a)

Standard account

b)

Money market account

c)

Joint account

d)

Special account

43.

Must be part of a specific member group to join

a)

Commercial Bank

b)

Credit Union

c)

Both

44.

Deposits are insured by the FDIC up to $250,000

a)

Commercial Bank

b)

Credit Union

c)

Both

45.
The percentage rate that is used when calculating the interest (money) paid on a savings, money market, or investment account.
a)
Rule of 72
b)
Interest rate
c)
Simple Interest
d)
Rate of Return
46.
A quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.
a)
Rule of 27
b)
Rule of Doubles
c)
20/10 Rule
d)
Rule of 72
47.
The phrase "pay yourself first" means to
a)
Treat yourself to something you want before spending any other money.
b)
Set money aside for your Christmas savings fund.
c)
put at least 10% of your income in a savings account before spending any money.
d)
Make sure all of your bills and other expenses are paid before saving money.
48.
The amount money a person expects to have in the future is called
a)
Principal
b)
Future Value
c)
Simple Interest
d)
Present Value
49.
The idea that money to be paid out or received in the future is not equivalent to money paid out or received today
a)
SMART Money
b)
Time Value of Money
c)
PV/FV Money
d)
Compound Money
50.
Earning interest on interest is called
a)
Extra Interest
b)
Simple Interest
c)
Inflation Interest
d)
Compound Interest
51.

The "time value of money" means that

a)

money paid out today less value than if the money is paid out in the future

b)

money received today is worth more than the same amount of money received in the future

c)

the more time a person has to save, the lower the return on the money

d)

the longer money is held, the less likely it will be spent

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