1) Which of the following is an advantage of owning a bank account?

Question

Group of answer choices

You will double the amount of money you have

You are guaranteed to get a loan

You can be irresponsible with your money

You know your money is safe

Flag question: Question 2
Question 21 pts
2) The US government protects up to ____________ of customers money with of licensed banks.

Group of answer choices

$200,000

$150,000

$100,000

$250,000

Flag question: Question 3
Question 31 pts
3) With a bank account, you will be able to show that you are ______________ with your money.

Group of answer choices

Responsible

Reliable

Dependable

Mature

Flag question: Question 4
Question 41 pts
4) Which of the following is an account for depositing money you want to keep?

Group of answer choices

Credit line

Savings

Checking

Certificate of deposit

Flag question: Question 5
Question 51 pts
5) Which of the following is an advantage of a savings account?

Group of answer choices

Your bank will not charge you fees

Your bank will make you a preferred customer

Your bank will pay you interest

Your money will be locked away

Flag question: Question 6
Question 61 pts
6) When opening a new checking account, which of the following will you need to bring with you to the bank?

Group of answer choices

Verification of Employment

Parent or Guardian

Cash or check made out to you

A valid U.S. Passport

Flag question: Question 7
Question 71 pts
7) Your bank will send you an account statement __________.

Group of answer choices

Weekly

Yearly

Monthly

Quarterly

Flag question: Question 8
Question 81 pts
8) Which of the following should be included when you make an entry in your checkbook register?

Group of answer choices

All of the above

Amount Involved

Date of Transaction

Check Number

Flag question: Question 9
Question 91 pts
9) You can access your account from nearly anywhere in the world through ________.

Group of answer choices

PIN

Debit Cards

Checks

ATMs

Flag question: Question 10
Question 101 pts
10) ___________________ a type of deposit that typically pays higher rates of interest than a savings account, on the condition that you agree not to withdraw your money for a certain amount of time.

Group of answer choices

Certificate of deposit

Credit line

Savings

Checking

Flag question: Question 11
Question 111 pts
11) Your employer may use _______________ to deposit your paycheck directly in your account.

Group of answer choices

Direct Deposit

Electronic Funds Transfer

Pay-by-Phone

Electronic Check Conversion

Flag question: Question 12
Question 121 pts
12) Which of the following is a requirement for a loan?

Group of answer choices

Minimum cash available in your savings account

Good credit history

A high school diploma

Good job

Flag question: Question 13
Question 131 pts
13) Which of the following should be considered when choosing a bank?

Group of answer choices

What are the fees?

All of the above

Is ATM available while traveling?

How many credit cards are available?

Flag question: Question 14
Question 141 pts
14) Which of the following financial institution should you use if you are looking for a higher interest rate and belong to a professional organization such as teachers?

Group of answer choices

Credit union

Commercial bank

Investment bank

Online bank

Flag question: Question 15
Question 151 pts
15) Deposits at a credit union are insured by the ___________________.

Group of answer choices

Federal Credit Union Company (FCUC)

National Credit Union Administration (NCUA)

Federal Deposit Insurance Corporation (FDIC)

Federal Credit Union Insurance Company (FCIC)

Flag question: Question 16
Question 161 pts
16) When choosing a bank, make sure the bank you choose is insured by the ______________.

Group of answer choices

National Credit Union Administration (NCUA)

Federal Deposit Insurance Corporation (FDIC)

Federal Credit Union Insurance Company (FCIC)

Federal Credit Union Company (FCUC)

Flag question: Question 17
Question 171 pts
17) When writing a check, which of the following should be written in the top right corner?

Group of answer choices

Payee

Date of the check

Reason for the check

Amount of the check

Flag question: Question 18
Question 181 pts
18) Which of the following is information on your check:

Group of answer choices

Savings account number

Check number

Drivers license number

Social Security Number

Flag question: Question 19
Question 191 pts
19) A deposit slip needs to be filled out:

Group of answer choices

When opening a checking account

When writing a check

Each time you add money to your account

Each time you remove money from your account

Flag question: Question 20
Question 201 pts
20) Which of the following is a common error found when reconciling your checkbook register?

Group of answer choices

Failing to record the amount of a check

Accurately recording a deposit

Not listing names on checks

Not using savings deposits

Flag question: Question 21
Question 211 pts
21) Which of the following is an advantage of electronic banking?

Group of answer choices

Having to visit a bank

Carrying a lot of cash

Insecurity of your online account information

The personal safety of not having to carry a lot of cash.

Flag question: Question 22
Question 221 pts
22) Which of the following is a reason why online banking and bank statements aren’t as accurate as your checkbook register?

Group of answer choices

Online banking is always several days behind

Checks you write take a few days to clear

Banks do not account for fees on your statements

Banks do not recognize all your transactions

Flag question: Question 23
Question 231 pts
23) Which of the following Electronic Funds Transfer is a convenient way to conduct deposits and withdrawals?

Group of answer choices

Pay-by-Phone

Direct Deposit

ATM

Electronic Check Conversion

Flag question: Question 24
Question 241 pts
24) If you use an ATM facility not affiliated with your bank, you can incur a ______.

Group of answer choices

Fee

Tariff

Bonus

Payment

Flag question: Question 25
Question 251 pts
25) Which of the following Electronic Funds Transfer deducts funds from your account immediately?

Group of answer choices

Prepaid Debit Card

ATM Machine

Direct Deposit

Debit Card

Answer 1

Here are the answers to your multiple-choice questions:

1. You know your money is safe (correct answer)

2. $250,000 (correct answer)

3. Responsible (correct answer)

4. Savings (correct answer)

5. Your bank will pay you interest (correct answer)

6. Cash or check made out to you (correct answer)

7. Monthly (correct answer)

8. All of the above (correct answer)

9. ATMs (correct answer)

10. Certificate of deposit (correct answer)

11. Direct Deposit (correct answer)

12. Good credit history (correct answer)

13. All of the above (correct answer)

14. Credit union (correct answer)

15. National Credit Union Administration (NCUA) (correct answer)

16. Federal Deposit Insurance Corporation (FDIC) (correct answer)

17. Date of the check (correct answer)

18. Check number (correct answer)

19. Each time you add money to your account (correct answer)

20. Failing to record the amount of a check (correct answer)

21. The personal safety of not having to carry a lot of cash (correct answer)

22. Checks you write take a few days to clear (correct answer)

23. ATM (correct answer)

24. Fee (correct answer)

25. Debit Card (correct answer)

Feel free to ask if you need additional information or explanations!