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20 QuestionsShow answers
  • Question 1
    20 seconds
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    Q.

    People who are unbanked are most likely to...

    answer choices

    Use a mobile banking app

    Receive a monthly statement of their transactions

    Deposit their checks at the ATM

    Incur lots of fees at Check Cashers to access their money

  • Question 2
    30 seconds
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    Q.

    Which of the following is TRUE about checks? (hint: choose 2 correct answers)

    answer choices

    You should endorse the back when writing a check

    The amount of money is written both numerically and in words

    Checks should show up on your statement within 30 days

    You should endorse the back when depositing a check

  • Question 3
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    Q. You can access the money in your checking account by...
    answer choices
    Using the cash grandma gave you to pay at the grocery store
    Paying bills with a pre-paid debit card
    Transferring money though your online account
    Using your credit card to Venmo a friend
  • Question 4
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    Q.

    Overdraft protection...

    answer choices

    is a service offered only for premium checking accounts.

    brings in a few hundred dollars each year to banks.

    is a fee-free service that prevents you from overdrawing.

    can keep you from overdrawing but charges a fee.

  • Question 5
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    Q. Which of the following fee(s) may banks charge you?
    answer choices
    Online Statement Fee
    Monthly Maintenance Fee
    In-Network ATM Fee
    Sufficient Funds Fee
  • Question 6
    30 seconds
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    Q.

    Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

    answer choices

    Low balances

    Unusual activity

    Deposits

    Credit Card transactions

  • Question 7
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    Q. What is the benefit of direct deposit?
    answer choices
    Any overdraft fees are waived
    You don't have to spend time and energy depositing a check
    The funds from your paycheck are usually available between 3-5 business days
    You get a tax benefit from the Federal government
  • Question 8
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    Q. Which of the following is TRUE about banks and credit unions?
    answer choices
    Banks are for-profit; credit unions are not-for-profit
    Banks are not taxed; credit unions are taxed
    Banks are insured by the NCUA; credit unions by the FDIC
    There are more local credit unions than there are banks
  • Question 9
    20 seconds
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    Q. Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?
    answer choices
    His (or his parents') previous year's tax return
    Proof of address
    Identification
    Opening Depo
  • Question 10
    30 seconds
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    Q.

    Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

    answer choices

    Ice cream bought with your debit card on July 16th

    A salad bought with cash on July 5th

    A birthday check you gave to your brother on July 18th

    An ATM withdrawal you made on July 21st

  • Question 11
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    Q. Which of the following is TRUE of prepaid debit cards?
    answer choices
    They are issued by your bank & connect to your checking account
    There are usually minimal fees associated with them
    Prepaid cards can help build your credit
    They can be used as an effective budgeting tool
  • Question 12
    20 seconds
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    Q. Which of the following is NOT a common way most people are using P2P?
    answer choices
    To pay rent
    To pay off their credit cards
    To pay back friends
    To buy gifts
  • Question 13
    20 seconds
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    Q. What feature is LEAST important for a college student to look for in a checking account?
    answer choices
    Low minimum balance requirement
    Interest rate
    Fees
    ATM availability
  • Question 14
    30 seconds
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    Q.

    A checking account is best used for...(hint: choose 2 correct answers)

    answer choices

    Saving money

    Storing money to spend

    Investing money

    Placing money you earn

  • Question 15
    20 seconds
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    Q. Which of the following is TRUE about Student Checking accounts?
    answer choices
    There are no minimum balance requirements
    They all expire only when you turn 24 years old
    They are offered only by 3 U.S. banks
    Some have monthly fees
  • Question 16
    20 seconds
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    Q. Which of the following is FALSE about check registers?
    answer choices
    It can help you identify mistakes in your bank statement
    It can help you avoid writing checks that cause an overdraft
    You can submit them to the bank and verify each transaction
    You know exactly how much money you have left to spend
  • Question 17
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    Q. What is a typical overdraft fee?
    answer choices
    $5
    $15
    $25
    $35
  • Question 18
    30 seconds
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    Q.

    How can you protect your checking account when using online and mobile banking? (hint: choose 2 correct answers)

    answer choices

    Use a strong password

    Sharing your pin # with only 1 person in case you forget it

    Connect to a secure WiFi network

    Opt-out of alerts to notify you of unusual activity

  • Question 19
    20 seconds
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    Q. You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?
    answer choices
    $7.50 check, $15 check, $5 check, $35 check
    $35 check, $7.50 check, $5 check, $15 check
    $15 check, $5 check, $35 check, $7.50 check
    $5 check, $7.50 check, $35 check, $15 check
  • Question 20
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    Q. Why is understanding a bank's fees particularly important for students or young adults?
    answer choices
    With less banking experience they may incur fees unknowingly
    They may have high balances in their account and are therefore likely to overdraft easily
    Banking is like insurance; being younger means higher fees
    Your credit score is heavily dependent on how well you bank
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