WorksheetsBanking Unit Review - Extracted Questions
Total questions: 29
Worksheet time: 32mins
A document that shows all the transactions in your account and is typically sent to you once a month is called a (a) .
Your savings grow by earning (a) , paid as a percentage of your savings.
A(n) (a) is linked directly to your checking account and can be used to withdraw money or make purchases.
Many employers offer (a) , which electronically transfers your paycheck into your bank account.
(a) protects your bank deposits up to $250,000.
A written, dated, and signed document that tells the bank to pay a specific amount is called a (a) .
(a) is when you earn interest on interest you have already earned.
Using (a) on your banking app lets you deposit checks without going to a branch.
To avoid a(n) (a) , make sure you have enough money in your account for all transactions.
To avoid going to the bank often, many people use what to get cash or check their account, and what account detail are they checking?
ATM; balance
Online Bill Pay; interest
Credit card; deposit
Check register; balance
List three ways to deposit money into your checking account and three ways to withdraw money from it. Give specific methods for each.
Why is it important to have both a checking and a savings account?
Which description best matches a Traditional Savings Account?
High interest, no physical branches.
Highest interest, restricted access.
Easy access, physical branches, lowest interest.
High interest, minimum balance, limited check writing.
Which description best matches an Online Savings Account?
High interest rates, no physical branches.
Highest interest rate, restricted access for a set time.
Easy access, physical branches, lowest interest rates.
High interest rates, minimum balance, limited check writing.
Which description best matches a Money Market Account?
High interest rates for a savings account, no physical branches.
Highest interest rate, restricted access for a set period.
Easy access, physical branches, lowest interest rates.
High interest rates, requires minimum balance, limited check writing.
Match each savings tool to its description. Which description best matches a Certificate of Deposit?
High interest rates for savings accounts, no physical banches
Highest interest are, but funds are locked for a set time.
Easy access to funds, physical branches, lowest interest rates.
High interest rates, requires minimum balance, limited check writing
What is one reason someone might be unbanked?
What are some disadvantages of being unbanked?
What does the “Pay Yourself First” strategy mean?
What percentage of your income should you save?
(a)
How much should you save in an emergency fund?
(a)
Which is most accurate about Americans’ finances: Most Americans _____ have $400 for an emergency and _____ live paycheck to paycheck.
do; do not
do not; do
do; do
do not; do not
Inflation means prices usually _____ over time. Your savings should earn a _____ interest rate than inflation.
decrease; lower
increase; lower
increase; higher
decrease; higher
Define a digital wallet in your own words.
Is this statement about online banking TRUE or FALSE: You can set up online bill pay to automatically pay bills each month.
True
False
Is it true that you can check your account balance anytime with online banking?
True
False
Is this statement about online banking TRUE or FALSE: Your online account automatically waives all overdraft, ATM, and maintenance fees.
True
False
Is it safer to avoid online banking on public Wi‑Fi?
True
False
How do banks make a profit?
