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Understanding Banking

Total questions: 28

Worksheet time: 10mins

Name
Class
Date
1.

Why have a bank account?

a)

protects your money

b)

files your tax return

2.

Why have a bank account?

a)

get a driver's license

b)

connect to financial services

3.

Reconcile your bank account (match up transactions)

a)

regularly

b)

once in a while

4.

Total amount of money in your account

a)

balance

b)

transaction

5.

A feature offered by banks to keep your account from overdrafting

a)

debit card

b)

overdraft protection

6.

Not enough money in the account to cover the charge

a)

insufficient funds

b)

unit price

7.

ATMs give you cash in multiples of 

a)

$5

b)

$10

c)

$20

8.

Out of network ATMs charge you fees.

a)

true

b)

false

9.

Before depositing a check, you must sign the back or _ it.

a)

endorse

b)

serve

10.

After depositing a check, it can take up to a _ to post in your account.

a)

week

b)

month

11.

A check may _ if there isn't enough money in their account to cover it.

a)

bounce

b)

roll

12.

Matching the bank's transaction record to your records

a)

reconcile

b)

invest

13.

cost of borrowing money

a)

finances

b)

interest %

14.

interest that earns the MOST money

a)

simple

b)

compound

15.

Banks prefer _ interest %

a)

simple

b)

compound

16.

Your interest rate is a _ of the amount borrowed

a)

percentage

b)

profit

17.

Credit Unions are 

a)

for profit

b)

non profit

18.

Banks are

a)

for profit

b)

non profit

19.

Credit Unions have __ than banks.

a)

taller buildings

b)

lower fees

20.

Credit Unions have better  __ than banks.

a)

interest rates

b)

technology

21.

Banks have branches in _ locations.

a)

more

b)

less

22.

Credit card is money you _ with interest %

a)

deliver

b)

borrow

23.

Debit card uses money from _ account.

a)

your

b)

VISA's

24.

The FDIC insures money up to

a)

$100,000

b)

$250,000

c)

$500,000

25.

The _ was created because of the bank failures causing the Great Depression.

a)

FBI

b)

FDIC

26.

faster way to deposit money

a)

check

b)

direct deposit

27.

Uses money from your checking account

a)

debit card

b)

credit card

28.

Must be paid back with interest %

a)

debit card

b)

credit card