WorksheetsBanking Final Exam Review
Total questions: 40
Worksheet time: 20mins
Which of the following is an advantage of using a checking account?
Earns high interest
Offers overdraft protection
Cannot be accessed online
Has no fees
The primary goal of a savings account is to:
Pay bills
Earn interest and save money
Take out loans
Invest in stocks
Which of these is a peer-to-peer payment app?
Zelle
YouTube
Spotify
What does it mean when an account is FDIC insured?
The bank is government owned
Your deposits are protected
You earn more interest
You can't lose money
Which budgeting rule suggests putting 20% toward savings?
30/30/40
70/30
50/30/20
60/20/20
What is one benefit of mobile banking?
Requires visiting a branch
Charges extra fees
Access anytime from your phone
Only works on weekends
What does a debit card do?
Builds credit
Uses borrowed money
Directly pulls from your checking account
Pays interest
What is one way to avoid overdraft fees?
Ignore your balance
Spend more than you have
Track your spending
Only use cash
Which of the following is a fixed expense?
Rent
Food
Gas
Entertainment
What should you do if you see fraud on your bank account?
Close your account
Wait and see
Post about it online
Report it to your bank
What is a common reason someone is unbanked?
They earn too much money
They don’t trust banks
They want rewards
They have high credit
What’s the safest way to send money using a P2P app?
Use public Wi-Fi
Share your login
Confirm recipient details
Randomly guess usernames
Which of the following is a budgeting benefit?
Spending without tracking
Controlling your money
Getting more loans
Ignoring your account
A bank charges a fee because your balance is negative. What is it called?
Monthly fee
Overdraft fee
ATM fee
Late fee
What does “pay yourself first” mean?
Save before spending
Buy gifts
Pay your friends
Pay bills only
What tool helps track your income and expenses?
Credit card
Budget
Receipt
Check
What is one risk of using P2P apps?
High interest
Transaction delays
Sending money to the wrong person
Better budgeting
Why use mobile banking alerts?
For ads
To track banking activity
To get bonuses
To freeze your account
What is a bank statement?
A loan form
A summary of your account activity
A legal document
A phone bill
What is one reason to review your statement often?
To close your account
To detect errors/fraud
To raise interest
To apply for a loan
Why are savings accounts helpful?
They help you spend more
They allow you to invest
They help money grow with interest
They charge higher fees
What is overdraft protection?
Free interest
Helps complete a transaction even with low balance
Adds to your savings
Stops you from saving
Which of these is a want, not a need?
Rent
Streaming service
Groceries
Insurance
What should you do before choosing a bank account?
Check the weather
Ask your friends
Review account fees
Read social media
A debit card:
Builds credit
Connects to a savings account
Pulls money from checking
Earns rewards automatically
A digital wallet allows you to:
Withdraw cash
Print statements
Pay using your device
Earn interest
What is one reason to have a budget?
To increase debt
To reduce tracking
To plan your spending
To stop savings
What kind of expense is rent?
Variable
One-time
Fixed
Irregular
Which of the following is a secure banking habit?
Using weak passwords
Reusing login info
Enabling 2FA
Saving logins in notes app
When using mobile banking, it’s best to:
Log in over public Wi-Fi
Share your PIN
Use strong passwords
Leave account open
What does it mean to reconcile a checkbook?
Balance your records with the bank
Return checks
Cancel transactions
Reapply for accounts
P2P payments are best for:
Depositing paychecks
Sending money to friends
Buying real estate
Writing checks
What is one benefit of being “banked”?
Less documentation
Access to secure accounts
Paying fees
Relying on cash
What helps build long-term savings?
Spending your full paycheck
Buying needs only
Automating savings
Using credit
A budget helps you:
Forget your bills
Plan spending
Spend more
Earn interest
What should you do if your debit card is lost?
Keep spending
Tell friends
Report it to your bank
Ignore it
What is a variable expense?
Rent
Gym membership
Groceries
Car note
Why do banks offer direct deposit?
To delay pay
For fun
To safely deposit paychecks
To increase spending
Which tool allows you to transfer funds anytime?
Mobile banking
Statement
Credit report
Letter
Why should you avoid using random ATMs?
Too convenient
No receipts
They charge extra fees
They're slow
