WorksheetsChecking Accounts
Total questions: 10
Worksheet time: 5mins
Which of the following BEST completes the following analogy: Deposit: Paycheck :: Withdraw : ________________
Check
Cash
Insufficient Funds
Account
Which of the following is NOT a way to withdraw cash from a checking account?
Write a check for "CASH" at the bank
Use a debit card at a store and request cash back
Use an ATM card and request cash from your account
Write a check to a store for "CASH"
What is the MAIN purpose of a PIN?
To protect other people from using your ATM card
To communicate with the bank
To get cash back from a store
To protect stores from insufficient funds
What causes a check to “bounce?”
Someone writes a check who does not own the account
The account does not have sufficient funds to cover the amount for which the check was written
The bank does not approve the purchase because a consumer’s credit application was denied
Someone did not have enough cash to withdraw from the ATM
Which of the following is NOT a result of “bouncing” a check?
An overdraft fee
Company Fee for Returned Check
Your account will be credited
You have to pay the money you owe
Why do people have checking accounts?
To safely store money and make payments conveniently with checks or debit cards
To earn high investment returns with guaranteed interest
To borrow long-term loans without interest
To avoid paying taxes on income
Which two are ways people can keep up with their checking account balance? Select two.
Maintaining a check register to record deposits and withdrawals
Using online or mobile banking to monitor transactions
Guessing the balance without records
Ignoring monthly bank statements
Which of the following is a feature of a checking account?
Prevents you from making any withdrawals
Allows you to write checks and use a debit card
Earns high interest rates like a savings bond
Requires you to pay a monthly loan payment
What should you do if you lose your debit card?
Write a check to yourself
Report it to your bank immediately
Continue using your account as normal
Wait to see if someone returns it
Which of the following actions can help you avoid overdraft fees?
Ignoring bank statements
Withdrawing more money than you have
Keeping track of your account balance regularly
Writing checks without checking your balance
