Checking Review
Quiz by Lynn Lambert
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25 questions
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- Q11. You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?Your credit card company provides you with a cash advance to cover the costIt is deducted directly from your checking accountYour credit card company covers the costIt is deducted from your credit card account30s
- Q22. Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?Wait a week as it is fairly common for the bank to catch mistakes like thisCheck your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.Contact your bank immediately as it appears that your account may have been hackedWait until your monthly statement arrives so you can check to see if those withdrawals are still there30s
- Q33. 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 machineDepositing a paycheck at an ATMReceiving a person-to-person payment from your friendUsing your debit card to pay for groceries at the checkout30s
- Q44. 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?30 business daysAvailable the same dayAvailable immediatelyUsually 1-7 business days later30s
- Q55. Which of the following transactions will REDUCE your checking account balance immediately?Writing your monthly rent check which you will mail tomorrowUsing your debit card to pay for groceries at the supermarketUsing your credit card to pay for your school booksDepositing a check at a local bank branch30s
- Q66. Which TWO of the following statements are advantages of online banking?B & DA & BA & CB & C30s
- Q77. FDIC Insurance is...Required if you want to do online or mobile banking.Optional coverage consumers can purchase so that their bank deposits remain safe.Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business.Insurance bank branches can buy to protect their business against fraud and scams.30s
- Q88. When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?Your account would be closedYou will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn ($29)The bank will provide you five days to add funds to your account to cover the overdraft and no fees will be assessedSince you requested overdraft protection, the bank will not allow you to overdraw your account so your debit card will be denied30s
- Q99. How often do customers typically receive a bank statement for their checking account?AnnuallyMonthlyDailyWeekly30s
- Q1010. Which of the following transactions may be missing when you go online to review your checking account balance?Automatic payment for your car loan paid two days agoATM cash withdrawal from yesterdayCheck that you mailed to your cousin for his birthday todayDebit card transaction from purchasing snacks at a local convenience store today30s
- Q1111. The largest source of fees for banks when it comes to checking accounts is...Wire transfer feesOverdraft feesCheck printing feesInterest expense30s
- Q1212. While opening your checking account, the bank representative seems very interested in getting you to opt in for overdraft protection. What might explain his motivation?He may be receiving a sales commission for every customer who opts in to get overdraft protectionHe is required by law to sign you up for overdraft protectionHe wants to minimize the fees you might pay to the bankHe knows that once you decide to opt into overdraft protection, you cannot opt out30s
- Q1313. Jillian is a high school student who typically earns $275 every two weeks at her part-time job. She is responsible for paying her own cell phone bill, gas when she drives her mom’s car, and costs of going out with friends. She wants to set a low balance alert. What amount probably makes the most sense for Jillian?$500$5$5000$5030s
- Q1414. Which of the following is TRUE about checking accounts?Banks can change the fee policies as long as they put the changes in writing and notify youBanks cannot change the fee policies on your account while it is openThey must pay an interest rate of at least 1% annuallyBanks can only change the fee policies on your account once per year, between Jan 1 and Jan 31st30s
- Q1515. When signing up for a new checking account you answer "No" and opt out of overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?Your account will be closedSince you turned down overdraft protection, the bank will not allow you to overdraw your account so your card will be denied in these 3 instancesYou will likely be charged an overdraft fee for EACH transaction and need to repay the bank the funds overdrawn ($29) + interestThe bank will provide you with five days to add funds to your account to cover the overdraft but will not charge you any fees30s
