Question 1

Can you be charged a Dormant Fee for not using your account?

Accepted Answer

yes

Answer

No

Question 2

Which two of the following are characteristics of a checking account?

Accepted Answer

May or maynot require a minimum balance

Answer

Limits your access to your funds

Answer

Provides long-term investment opportunities

Answer

Earns high interest rates

Question 3

Click the account that can be set up to help people with low income or bad credit history at the bank.

Accepted Answer

Lifeline accounts

Answer

Lower Risk Account

Answer

Non Interest Bearing

Answer

Premium accounts

Question 4

What is the primary purpose of a checking account?

Accepted Answer

To conveniently manage daily financial transactions

Answer

To save money for retirement

Answer

To earn interest on deposited funds

Answer

To invest in stocks and bonds

Question 5

Which of the following is an advantage of using checks for payment?

Accepted Answer

Ability to track spending easily

Answer

No risk of overdrafting the account

Answer

Higher level of security compared to other payment methods

Answer

Instant transfer of funds

Question 6

What does PIN stand for?

Accepted Answer

Personal Identification Number

Answer

Permanent Identification Number

Answer

Premium Identifying Notice

Answer

Personal Identity Number

Question 7

What does overdraft protection refer to in relation to a checking account?

Accepted Answer

A service that prevents an account from being overdrawn and incurring fees

Answer

The ability to withdraw cash from an ATM machine

Answer

The option to transfer funds between different accounts without any charge

Answer

A feature that allows unlimited withdrawals without penalty fees

Question 8

Which of the following statements accurately describes a joint checking account?

Accepted Answer

It requires all account holders to have equal access and responsibility.

Answer

It can only be opened by married couples.

Answer

It offers higher interest rates compared to individual accounts.

Answer

It limits the number of transactions allowed per month.

Question 9

What is the purpose of writing a check register?

Accepted Answer

To keep track of checkbook balances and checks.

Answer

To calculate monthly bank fees and charges.

Answer

To request new checks from the bank.

Answer

To record all deposits made into the checking account.

Question 10

How does direct deposit work with regards to a checking account?

Accepted Answer

It allows for immediate access to cash withdrawals.

Answer

It offers higher interest rates on deposited funds.

Answer

It enables automatic transfer of funds into the account.

Answer

It provides additional overdraft protection.

Question 11

What is the minimum age requirement to open an individual checking account BY YOURSELF?

Accepted Answer

18 Years old

Answer

13 Years old

Answer

There is no minimum age requirement for an individual checking account.

Answer

21 Years old

Question 12

You have different types of accounts at your bank–a checking account, savings account, and a CD. Totally $275,000.  How much will the FDIC cover?

Accepted Answer

Up to $250,000 total for each depositor; therefore $25,000 is not covered.

Answer

The FDIC doesn't cover these type of funds

Answer

Up to $250,000 for each account

Answer

It depends on the type of accounts

Question 13

Look at the numbers outlined below, what terms best identify what they each represent?

Accepted Answer

Routing number, checking account number, check number

Answer

Banks identification number, account number for checking, number of the check

Answer

Routing number, Check series number, checking account number

Answer

Checking account number, routing number, check number

Question 14

Which of the following best defines a "stop payment" order?

Accepted Answer

An alert about potential fraudulent activity on the account

Answer

A statement showing all recent transactions made with a debit card

Answer

A request to cancel a check that has already been written and issued

Answer

A notice from the bank about low funds in the account

Question 15

What role does a debit card play in relation to a checking account?

Accepted Answer

It enables electronic transactions and payments directly from the account.

Answer

It provides access to high-interest savings accounts.

Answer

It allows for cash withdrawals at ATMs only.

Answer

It functions as a prepaid credit card with limited spending capabilities.

Question 16

Which of the following statements accurately describes electronic bill pay?

Accepted Answer

It allows for automatic payments to be scheduled and made online.

Answer

It requires physical checks to be mailed out for bill payments.

Answer

It can only be accessed through mobile banking applications.

Answer

It incurs additional fees for each bill payment made electronically.

Question 17

What does "NSF" stand for when referring to a checking account?

Accepted Answer

Non-Sufficient Funds

Answer

Negotiable Security Feature

Answer

National Security Fund

Answer

No Service Fee

Question 18

How does compounding interest work on a checking account balance?

Accepted Answer

Interest Is calculated based on the total balance in the Acct.

Answer

Interest is calculated based on the amount of transactions.

Answer

Interest is deducted from the principal balance on a regular basis.

Answer

Interest is earned if the account balance is above a certain number

Question 19

What type of check is guaranteed by the bank and based on money you have or deposit in your account.

Accepted Answer

Cashier Check

Answer

Trustee Check

Answer

Personal Check from your account

Answer

Joint Check

Question 20

Which of the following is a disadvantage of using a checking account?

Accepted Answer

Lack of transaction tracking capabilities

Answer

Limited accessibility to funds

Answer

Inability to make online payments

Answer

High monthly maintenance fees

Question 21

What is an "account statement" in relation to a checking account?

Accepted Answer

A detailed list of all transactions and balances for a specific period

Answer

A summary of all investments held by the account holder

Answer

A letter from the bank confirming the opening of a new account

Answer

A notification about upcoming changes in interest rates

Question 22

How does an automatic transfer work with regards to a checking account?

Accepted Answer

It offers additional overdraft protection by linking Accounts.

Answer

It provides access to credit lines tied

Answer

It enables automatic deposits into the Acct.

Answer

It allows for instant conversion of cash into a different currency.

Question 23

What item does not relate to spending more than you have in your account?

Accepted Answer

Transaction approved with no fees or transfers

Answer

Overdraft fee

Answer

Declined transaction

Answer

Non Sufficient funds

Question 24

If you bank at a credit union, is your money  protected?

Accepted Answer

Yes by the NCUA

Answer

No

Answer

Yes, by the FDIC

Question 25

What is not true about a joint account

Accepted Answer

Each person must have a direct deposit account linked to the account

Answer

Each person has their name listed on the checks

Answer

each person has access to the account

Answer

Each person could drain all the money in the account

Answer

Each person shares in the account equally

Question 26

Why did the skeleton not rob the bank?

Accepted Answer

He didn't have the guts

Answer

He lost his trigger finger

Answer

He didn't have a back bone

Question 27

Bonus:  Where do fish keep their money?  1 pt

Accepted Answer

River bed

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