WorksheetsBanking Basics
Total questions: 27
Worksheet time: 27mins
What is a deposit slip used for?
To deposit money into a bank account.
To transfer funds between accounts.
To withdraw money from a bank account.
To request a bank statement.
What is a key takeaway about bank accounts?
A bank account is where your money lives, with checking for everyday spending and savings for future goals.
A bank account is used solely for investment and stock trading.
A bank account is primarily for loan repayments and credit card management.
A bank account is for storing cash at home and avoiding bank fees.
What is an example of a real-life application of banking for a teenager?
A 19-year-old applying for a mortgage.
A 17-year-old with a part-time job using direct deposit for their paycheck and managing their spending with a debit card.
A 16-year-old opening a credit card for online shopping.
A 15-year-old investing in stocks for long-term growth.
Which of the following is NOT a purpose of a bank account?
To store money for everyday spending and future savings.
To manage loan repayments and credit cards.
To keep cash at home and avoid using banks.
To receive direct deposits from employers.
Why might a teenager benefit from using a debit card linked to their bank account?
It helps them manage their spending and learn financial responsibility.
It allows them to invest in the stock market.
It is required for applying for a mortgage.
It is only used for paying off credit card debt.
What are the requirements to open a bank account?
A letter of recommendation, insurance card, and no initial deposit required.
A birth certificate, utility bill, and approval from a bank manager.
A credit score report, proof of employment, and a minimum balance of $500.
A photo ID, a parent or guardian if under 18, and a starting deposit (as little as $25).
What is the purpose of a savings account?
To manage daily expenses and bills.
To store cash for immediate use without interest.
To grow money over time for goals, emergencies, retirement, and general savings, while earning interest.
To facilitate online shopping and transactions.
What is a checking account primarily used for?
Emergency fund storage and protection.
Long-term savings for retirement.
Investment growth and interest accumulation.
Everyday spending, where money flows in from paychecks and out from expenses.
Which of the following is NOT a requirement to open a bank account?
A photo ID
A parent or guardian if under 18
A starting deposit
A letter of recommendation
Why might someone choose to open a savings account instead of a checking account?
To manage daily expenses and bills.
To grow money over time and earn interest for future needs.
To facilitate frequent online transactions.
To receive paychecks directly.
What does direct deposit refer to?
The deposit of cash into a bank account by the employer.
The mailing of a paycheck to an employee's home address.
The automatic transfer of a paycheck into a bank account.
The manual transfer of a paycheck to a bank teller.
What is the significance of writing 'VOID' on a check?
It duplicates the check for multiple transactions.
It reserves the check for future use.
It authorizes the check for payment.
It cancels the check, making it invalid.
Which of the following is NOT a method of receiving a paycheck?
Direct deposit into a bank account.
Mailing a paycheck to your home.
Manual transfer to a bank teller.
Writing 'VOID' on a check.
Why might an employer prefer to use direct deposit instead of mailing paychecks?
It is slower and less secure.
It ensures employees receive their paychecks automatically and on time.
It requires employees to visit the bank in person.
It increases the risk of lost checks.
If a check is marked 'VOID', what should you do with it?
Use it for payment.
Keep it for future transactions.
Destroy it or keep it for record-keeping, but do not use it for payment.
Mail it to your employer.
A Debit Card.....
A fee charged from your bank
A plan to manage money
Puts money into your checking account
Takes money directly out of your checking account
Which of the following is a difference between a debit card and a credit card?
Debit cards require a PIN, credit cards do not
Debit cards use your own money, credit cards borrow money from the bank
Debit cards can only be used in stores, credit cards can be used online
Debit cards are only for adults, credit cards are for everyone
What is a debit card?
A card that allows you to borrow money from the bank
A card that allows you to spend money directly from your bank account
A card that gives you rewards for purchases
A card used only for online shopping
Which of the following is NOT a feature of a debit card?
Allows you to withdraw cash from ATMs
Provides a line of credit
Can be used for online purchases
Requires a PIN for transactions
How do you use a debit card at a store?
Swipe or insert the card and enter your PIN
Write a check and hand it to the cashier
Tell the cashier your bank account number
Use it only for online purchases
What is debt?
Money owed
Money that is spent on goods, services, and bills
A fee received or paid for the use of money
Required payments to the government
Which type of bank account is best for everyday transactions?
Checking Account
Savings Account
Money Market Account
Certificate of Deposit
to put money into an account
withdraw
checking
deposit
interest
When choosing a bank to put your money in make sure that it is Insured. This independent agency was created by the Congress to maintain stability and public confidence in the nation’s financial system. Which agency below is corret?
FTC
FDIC
FIS
FOIA
How can you avoid spending more than what is in your bank account?
Check your bank statement once a month.
Ask your financial institution to notify you when you are close to $0 in your account.
Keep your own records to compare with your financial institution's records.
None of the above
