WorksheetsBanking Unit Review
Total questions: 31
Worksheet time: 16mins
What is the main purpose of a Checking Account?
To earn high interest
To invest in stocks
To store and access money
To apply for credit cards
Which of the following is true about Savings Accounts?
They typically have higher interest
You can only access money once a year
They're used only for retirement
They require a credit check
What is overdraft protection?
A policy that closes your account after a negative balance
A feature that prevents all purchases if funds are low
A service that covers transactions when you don't have funds (might have a fee)
A type of savings account
Which of the following financial institutions is nonprofit and member-owned?
Commercial Bank
Investment Firm
Payday Lender
Credit Union
What does the FDIC insure?
Stock market investments
Cryptocurrency accounts
Bank deposits up to $250K
Home values
Which type of account is best for making frequent transactions like paying bills or using a debit card?
Certificate of Deposit
Checking Account
Savings Account
Retirement Account
A routing number is:
A unique number that identifies a bank
Your account number
A loan number
A type of fee
What is the difference between a debit card and a credit card?
Debit cards let you borrow money from the bank
Credit cards don't impact your credit score
Debit cards use your own funds
Debit cards can only be used online
What is a bank statement?
A legal notice of bank fraud
A printed check
A summary of your account activity
A list of stock prices
What is the best reason to reconcile your bank statement?
To cancel your account
To make sure your records match
To increase your interest rate
To avoid using ATMs
Which of the following is NOT a typical bank fee?
Monthly Maintenance Fee
Overdraft Fee
Insurance Premiums
ATM Fee
What does "APY" stand for?
Annual Percentage Yield
Account Protection Yearly
Asset Payment Yield
Average Payment Year
A mobile banking app can typically do all of the following EXCEPT:
Deposit checks remotely
Connect to the ATM wirelessly
Track spending
Transfer money
What is the benefit of setting up direct deposit?
You receive your paycheck on a prepaid debit card
You get your money faster and automatically
You avoid taxes on your paycheck
You only receive paychecks monthly
Which of these is good reason to choose a bank with a large ATM network?
To pay more fees
To avoid mobile banking
To have easy access to cash
To get investment advice
Debit cards are linked directly to your checking account.
True
False
You can only use a savings account once a year.
True
False
Credit Unions typically offer lower fees than traditional banks.
True
False
A bank will never charge fees for using an out-of-network ATM.
True
False
Reconciling your bank account helps avoid errors or fraud.
True
False
All savings accounts earn the same interest rates.
True
False
A mobile banking app can help you keep track of your budget.
True
False
The FDIC insures investments in stocks.
True
False
You should always keep your login and baking passwords secure.
True
False
You should compare banks to find one that fits your needs.
True
False
A(n). (a) is a banking service in which a customer deposits money and writes checks to withdraw at his or her convenience.
Do checking accounts come with any fees?
No, they are completely fee-free
Yes, they may have overdraft, ATM, and monthly maintenance fees
No, but they have high minimum balance requirements
Yes, but only for senior citizens
Should you have both checking and savings accounts?
No, only one account is necessary
Yes, but only if you have a high income
Yes, because they serve different purposes
No, it's better to have multiple checking accounts
A checking account allows you to pay for things in other ways than using cash - like wiring checks or using a credit card
True
False
Most banks offer several types of checking accounts
True
False
A check written by a financial institution on its own funds, signed by a representative, and made payable to a third party.
FDIC
Redlining
Cashier’s check
Line of credit
