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- 1. Multiple Choice
The largest source of fees for banks when it comes to checking accounts is...
Overdraft fees
wire transfer fees
Check printing fees
Interest Expense
- 2. Multiple Choice
What is NOT a good strategy to help you avoid overdraft fees?
Rely solely on the bank app that provides your balance
tracking all of your banking transactions in a check register
Keeping all of your receipts and using them to track your spending
Setting up a text alert so your bank will notify you when your balance is low.
- 3. Multiple Choice
Which of the following is true about checking accounts
Interest rates are fixed as long as your account is open
Banks cannot change the fees on your account while it is open
Banks can charge interest rates but not fees on your account while it is open
both interest rates and fees are subject to change by the bank
- 4. Multiple Choice
Your cousin Justine overdraws her checking account at least 4 times per month every month. Which of the following recommendations does NOT seem reasonable to help get her account under control?
Justine should rework her budget and cut out nonessential purchases
Justine should set up alerts on her account so she receives texts when she has a low account balance
Justine should shut down her checking account and start paying for everything in cash
If all her spending is essential, she should look for a second job to help cover her expenses
- 5. Multiple Choice
Which is an advantage of paying your bills using the online bill pay feature with your checking account?
The company you are paying receives the money on the same day
There is typically only a small fee to set up and use this feature
It saves time and paper
It eliminates lates fees
- 6. Multiple Choice
Which of the following is a way to access the money in your checking account?
Taking out cash using your credit card at an ATM machine
Using your debit card to pay for groceries at a Point-of-Sale (POS) terminal
Depositing a paycheck at an ATM
Receiving a person-to-person payment from your friend
- 7. Multiple Choice
18. Which of the following is a TRUE statement about check cashing stores?
Their checking accounts typically cost less than traditional bank accounts
They tend to charge consumers a lot of hidden fees
Customers use check cashing stores even though the employees are unfriendly and often make customers feel embarrassed or out-of-place
They make their money by charging fees for transactions that can be done for free by customers with a traditional checking account
- 8. Multiple Choice
You deposit a birthday check by using the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?
Available immediately
Available the same day
Usually 1-7 business days later
30 business days
- 9. Multiple Choice
Which checking account is best for you if you expect to have an average balance of $1,000? *
Annual interest rate earned of 1.5% and monthly maintenance fee of $10/month
Annual interest rate earned of 1.0% and no monthly maintenance fee
Annual interest rate earned of 0% and monthly maintenance fee of $2.50/month
Annual interest rate earned of 2.0% and monthly maintenance fee of $5/month
- 10. Multiple Choice
The largest source of fees for banks when it comes to checking accounts is...
Overdraft fees
Wire transfer fees
Check printing fees
Interest expense
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