WorksheetsEPF Unit 5 Review
Total questions: 26
Worksheet time: 13mins
Which action will be least helpful if you’ve been the victim of identity theft?
Report the fraud to each credit bureau.
Getting your latest credit report.
Withdraw your money from all accounts.
Calling your bank and credit card companies.
Which practice below is NOT good when writing a check?
Using a pencil so that you can quickly erase any errors without having to throw any checks away
Balancing your check register to keep details of all checks written
Double-checking the check to be sure that you have completed all fields correctly
Writing the purpose of the check in the "Memo" space on the check
To deposit a check using a mobile banking app into your account, you have to .
mail the check to your financial institution
Verify your interest rate
have multiple accounts
upload pictures of your signed check
Which of the following is a type of savings vehicle?
A Certificate of Deposit
B Savings account
C Checking Account
D Both A & B
Which of the following are normal account fees?
Service fee
ATM fee
Minimum balance fee
All of the above
To earn as much interest as possible on your principal, you should open a savings account that earns _______ interest and has the ______ interest rate.
A simple; highest
B compound; highest
C simple; lowest
D compound; lowest
Which of the following account is typically the MOST liquid?
Checking account
Stock brokerage account
Certificate of Deposit
Exchange Traded Fund
Which form of debt has the highest interest rate?
Credit cards
Cashier's checks
Pre-paid cards
Payday loans
Interest rates generally reflect
the potential effects of inflation
the real value of the investment.
the level of risk in an investment
the amount of money invested.
What part of writing a check is the LEAST important?
Signature line
The check number
Memo line
Routing number
What can help you avoid ATM fees?
Only use ATMs close to your house
Only use ATMs to withdraw cash
Only use ATMs in your bank’s network
Only use ATMs you have used before
Which of the following represent typical account fees?
ATM fee
Minimum balance fee
Service fee
All of the above
Which of the following payment types require you to pay upfront?
Money order
Cashier's check
Pre-paid card
All of the above
Which of the following is a unique feature of credit unions?
Credit unions are typically owned and run by their members.
Credit unions limit membership to certain people or groups.
Credit unions offer a wide variety of banking services.
Both A & B
Which of the following is the BEST way to protect against identity theft?
Change online account passwords frequently.
Use only local public access Wi-Fi at Mcdonalds.
Avoid emails from people who do not like you.
Throw away old account statements weekly.
What type of payment can help you stick to a budget?
Credit cards
Cash advances
Payday loans
Debit cards
Consumer protection laws are meant to:
Prevent unfair or deceptive business practices.
Protect businesses from consumers.
Protect consumers from spending too much money.
Prevent consumers from buying unnecessary items.
What should you prioritize when creating a budget?
Needs and wants
Future earnings
Career path
Credit report
What does "pay yourself first" mean?
Spend your money on your wants before you spend on your needs
Pay down debt before doing any spending
Put money in your savings account before you pay other expenses
Split your money according to how much you want to spend on each bill or expense
Sally wants to start a budget using the 50/30/20 method and is categorizing his expenses. What category does paying for his insurance go in?
Needs
Wants
Savings
Debt
Why is having a checking account good?
It allows you to save money and earn interest.
It helps you spend money without carrying cash.
It allows you to spend money and pay the bill later.
It helps you invest money and gain a greater return
Rebecca just opened a new checking account. How can it help her better manage her money?
She can get a greater investment return.
She can earn more interest to save money
She can borrow money and pay it back over time
She can check her transaction history easily.
Which of the following is a feature of a checking account?
high fees
debit card
credit card
high interest
Which of the following is NOT a benefit of using a savings account?
It encourages you to save regularly.
It keeps your money safe in a financial institution.
It allows unlimited withdrawals without penalty.
It helps you earn interest on your money.
What is the main purpose of balancing your check register?
To track your spending and avoid overdrafts.
To increase your account interest rate.
To qualify for a loan.
To receive more checks from the bank.
Which of the following actions can help you build a good credit history?
Paying your bills on time.
Ignoring your account statements.
Withdrawing cash frequently from ATMs.
Writing checks with insufficient funds.
