Payments
Many consumers use non-cash payments as substitutes for cash when purchasing. Which is NOT an form of non-cash payment
a. checks
b. credit card
c. currency and coins
d. debit card
What is C. currency and coins
Each time a person writes a check they should ______
a. write down or keep a receipt of the transaction.
b. post-date the check
c. write their social security # on back of check
d. write their drivers license # on the front of the check
What is A. write down or keep receipt
A plastic card that provides access to electronic funds transfer from an ATM or a sale terminal.
a. check
b. debit card
c. bond
d. money order
What is B. debit card
Checks are the most used form of non-cash payment
a. True
b. False
What is B. False
What is one substitute for payment besides debit card?
What is cash, credit card, cashapp, venmo, paypal, check
While many customers use online services to pay bills, ________ are still used. This is a written order directing the bank to pay a specific sum of money to an individual or business.
a. bank overdrafts
b. checks
c. ATM
d. bonds
What is B. checks
Checks contain important information. Which of the following is NOT a requirement when writing a check?
a. signature
b. date
c. amount paid
d. memo-what is purchased
Learning the basics of managing a bank account is a great tool for building financial independence and meeting your financial goals. However, people who habitually mismanage their accounts or even knowingly write “hot” checks (another slang term for being overdrawn) can be ____.
A. fined for carelessness
B. jailed for criminal behavior
C. protected by the FDIC
D. fined, jailed, and denied credit
What is D. fined, jailed, and denied credit
To reconcile your account you compare personal bank account records to the bank records of that account in order to uncover any discrepancies
a. True
b. False
What is A. True
Net deposit is your total amount being deposited.
a. True
b. False
What is A. True
Payments that are set up to come out of your account monthly without you having to do anything
What is automatic payment
When banks issue checks for you to use. There are numbers which appear at the bottom of the check. What do these numbers represent?
a. check number
b. account number and routing number
c. customers address
d. customers social security number
What is B. Account and Routing #
a. to track transactions, such as deposits and withdrawls
b. set aside adequate funds
c. inform the bank of funds in an account
d. to note transactions made with credit cards
What is A. to track transactions
Money added to a checking account is called a _______
What is deposit
To take money OUT of your account, is called a _______
What is withdraw
This is an app on your smartphone that allows you to store your debit and credit card information, coupons, and more. You can then pull up the app when paying for items instead of using the physical cards, coupons, etc.
What is Google/Apple Wallet
How should the check amount be written on each check?
a. in numbers with a $
b. whole words and phrases
c. in both numbers and whole words
d. payee just feels it out themselves
What is C. Both numbers and whole words
Having a bank account can be expensive if not used properly because banks and credit unions usually charge overdraft or insufficient funds fees which are automatically deducted from your account. There are recommended steps for managing your account with a check register. Which of the following is NOT a recommended step?
A. Write down every withdrawal or fee from your account.
B. Note every deposit into your account.
C. Subtract all withdrawals and add all deposits.
D. Note transactions at one time at the end of each month.
What is D. Note transactions at one time at the end of each month.
The routing number found on your check identifies which of the following?
a. Your Account
b. Your Bank
c. Check Number
d. Bank Phone Number
What is b. Bank
This type of account is opened by 2 or more people and both people have equal control over the account.
a. Shared Account
b. Combined Account
c. Common Account
d. Joint Account
What is D. Joint Account
This type is great for budgeting (have one card for each spending category of your budget and preload it with a specific amount) or when you don’t have a bank account.
What is pre-paid cards
What might happen if a consumer does not correctly fill out a check?
a. they are ignored
b. bank may refuse to accept the check
c. a fee will be charged
d. you can go to the bank and correct the check.
What is B. Bank may refuse to accept the check
When writing a check, the company or person receiving the check is called the ___________.
a. Receiver
b. Payee
c. Casher
d. Beneficiary
What is B. Payee
How often do customers typically receive a bank statement for their checking account?*
What is once a month
What is the check called if it is returned due to insufficient funds in the payee's bank account?
a. a canceled check
b. a postdated check
c. a bounced check
d. a floated check
What is c. bounced check