WorksheetsBanking and Checking
Total questions: 25
Worksheet time: 13mins
How are funds accessed from a checking account
Write paper checks, withdraw money from ATM's, or check cards
Savings account
Typing in password for checking account
Debit card and mobile banking
A checking account is account by the bank/credit union that allows you to withdraw or deposit cash.
What is the primary purpose of a checking account?
To secure a loan
To invest in stocks
To facilitate daily transactions
To earn interest on savings
Which of the following is NOT a feature of a checking account?
Overdraft protection
High interest rates
Direct deposit
Online bill pay
What is typically required to open a checking account?
Proof of income
Identification and initial deposit
Credit score check
Property ownership
A check is an electronic option of banking that allows you to make transactions without stepping foot into an actual bank
With a credit card, you can borrow money from the bank but you have to pay it back later
What do need to do when writing a check
Put the date
Put what the money is for in the memo
Write out the money amount in words and its numerical value
Print your name
How can you protect your checking account
Use unique passwords and use encryption
Put password in Notes App
Give your password out to everyone
Use 1234 as your password
Reconcile means that it makes sure that the amount of money spent matches the amount left in the account
What is a digital wallet
Electronic device that holds payment information
A type of phone game
Something you get from a bank
A physical wallet
A check register is a journal you keep that yourself writes in all the transactions you’ve made
A bank statement is a record sent to the person by the bank that shows all the transactions in the account during a period of time. Shows deposits, withdrawals, fees, and interest.
What is the main advantage of using a digital wallet?
It is a type of investment account
It provides a secure way to store payment information
It is a physical wallet
It is used for storing cash only
Which of the following is a common feature of online banking?
Access to physical bank branches
Limited transaction history
24/7 account access
High transaction fees
Most banks offer several types of checking accounts
True
False
What should the best savings accounts offer?
High interest rates and monthly fees
Low interest rates and no online bank transfers
Strong interest rates, no monthly fees, and easy online bank transfers
Monthly service charges and limited withdrawals
What is endorsing mean
N/A
Printing your name on the back of the check
Signing the back of a designated area, usually on a check
Drawing on a piece of paper
What is the purpose of overdraft protection in a checking account?
To prevent transactions from being declined due to insufficient funds
To earn interest on the account balance
To offer free checks
To provide a higher credit limit
Which of the following is a benefit of using online banking?
In-person customer service
Limited access to account information
24/7 access to account management
Higher transaction fees
What is a common requirement for maintaining a checking account?
Investing in stocks
Owning a credit card
Maintaining a minimum balance
Having a mortgage
Grace has $200 in her savings account. She deposits $30 in her account. How much does she have now?
$150
$230
$170
$300
It is ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.
true
false
