Balancing a Checking Account
Online Banking
Getting a Credit Card
Fixing Your Credit
Misc
100
An overdraft fee: a) Is a fee charged by a business when a check you write to them bounces b) Is the minimum balance required to be held in a bank account c) Is a fee paid to a payday loan company d) Is the fee charged by a bank when your checking account balance goes below zero
What is d) Is the fee charged by a bank when your checking account balance goes below zero
100
Online bill payment: a) Can happen automatically every month, even if you set it up just once b) Will definitely cause an overdraft charge c) Can only be set up by making an appointment with a bank branch manager d) Cannot be set up online
What is a) Can happen automatically every month, even if you set it up just once
100
A business that gives you a loan is: a) A credit bureau b) A debt collection agency c) A credit counseling agency d) A creditor
What is d) A creditor
100
A savings account: a) Is no use in developing a credit history b) Should have your correct Social Security Number attached so that it helps your credit history c) Can be used to write checks and is a credit account d) Can only be opened once you are 18 years old
What is b) Should have your correct Social Security Number attached so that it helps your credit history
100
Payday loans: a) Are a cheap way to borrow money, since it is for such a short term b) Are available from your local bank branch c) Charge far more in interest than a typical credit card interest charge d) Are the best way for young students to build up a good credit rating
What is c) Charge far more in interest than a typical credit card interest charge
200
When writing a check: a) Always print your signature b) Sign on the line that says "Pay to the order of" c) Spell out the dollars and cents on the long line that ends in "Dollars" d) Spell out the dollars and cents in the short box next to the $ symbol
What is c) ) Spell out the dollars and cents on the long line that ends in "Dollars"
200
A good password: a) Is an easily remembered number such as your phone number or Social Security number b) Should be used for all your online accounts, including ones you share with friends c) Includes a combination of letters and numbers that are memorable and meaningful to you d) Should be written down in your wallet so you will have it wherever you go
What is c) Includes a combination of letters and numbers that are memorable and meaningful to you
200
You ran short of cash and borrowed $50 from your rich cousin. When you paid her back, she insisted that you owed $60. What is the extra $10 called? a) Bribery b) Interest c) Principal d) Credit
What is b) Interest
200
Improving your credit score will let you get: a) Lower interest rates on loans b) Higher interest rates on savings accounts c) Neither of the above d) Both of the Above
What is a) Lower interest rates on loans
200
Cleared checks: a) Are available as online images for you to refer to, or as reduced images sent with each monthly statement b) Are always sent to the account holder with each monthly statement c) Should be used to notify the people you wrote the check to, since they haven't cashed the checks yet d) Are automatically redeposited if the check image is lost
What is a) Are available as online images for you to refer to, or as reduced images sent with each monthly statement
300
A credit union: a) Requires membership, but in other respects is like a bank b) Can't keep savings accounts c) Never has interest rates as good as a bank d) Is only open to college students
What is a) Requires membership, but in other respects is like a bank
300
Phishing is: a) Using the telephone to intimidate bank customers b) Using a fake Web site or e-mail to intimidate someone into giving away personal information such as user names, passwords, or Social Security numbers (CORRECT) c) An automatic transfer of money from one account to another d) What happens when your bank branch calls you to verify unusual purchases
What is b) Using a fake Web site or e-mail to intimidate someone into giving away personal information such as user names, passwords, or Social Security numbers
300
Chandra likes her new credit card. She uses it whenever she can, but she's careful to stay below her credit limit. After two months she notices her credit card bill includes huge finance charges. She chose her card because it featured 0% APR, so she doesn't think she should have any finance charges at all. What is the most likely explanation for the finance charges? a) The credit card company made a billing error b) This is a case of credit card fraud c) The introductory rate on the card is no longer in effect d) The APR does not apply because she is under the credit limit
What is c) The introductory rate on the card is no longer in effect
300
Negative items on a credit report that are not correct: a) Can never be removed b) Don't affect your credit rating c) Are best ignored d) Should be removed once the mistake is shown to the credit reporting company
What is d) Should be removed once the mistake is shown to the credit reporting company
300
You can best compare credit card offers by looking at these two features: a) APR and fees b) Minimum payment c) Principal and interest d) Introductory rate and credit limit
What is a) APR and fees
400
It is important to balance your checkbook every month because: a) Even automatic check readers can misread an amount you wrote on your check b) Banks calculate interest by hand, and sometimes they forget to do this step c) Otherwise you are likely to spend more money than you earn
What is a) a) Even automatic check readers can misread an amount you wrote on your check
400
When paying bills online, a payee is: a) Someone who pays you b) Someone to whom you send a payment c) A middleman who relays a payment to another party
What is b) Someone to whom you send a payment
400
Oh no! Someone stole your credit card and charged $2,500 worth of purchases before you even knew the card was missing. How much of the unauthorized charges can you be required to pay? a) zero b) $50 c) $250 d) $2,500
What is b) $50
400
Your credit history tells: a) The history of your saving, borrowing, and repayment performance b) The history of your grade report cards c) The history of the formation of the Experian and Equifax companies d) The history of your parents' saving, borrowing, and repayment performance
What is a) The history of your saving, borrowing, and repayment performance
400
A regular paycheck helps your credit score because: a) It can be cashed and spent quickly b) It has taxes pulled out c) It shows you will not pay your bills on time d) It indicates you are likely a good credit risk
What is d) It indicates you are likely a good credit risk
500
An ATM check card: a) Is exactly the same as an ATM debit card b) Can only be used to withdraw money that is in your account, not to overdraw your account c) Can overdraw your account if you make a store purchase beyond your current account balance
What is b) Can only be used to withdraw money that is in your account, not to overdraw your account
500
The most secure Internet access is available through: a) Cable modem, DSL, or dial-up Internet b) Wi-Fi at a coffee house c) Wi-Fi at a public library
What is a) Cable modem, DSL, or dial-up Internet
500
If you get your first credit card while a full-time student, what can you expect about the card's APR on outstanding balances? a) It will probably be about the same as the APR on your parents' card b) It will probably be low c) It will probably be low until you graduate, and then it will rise d) It will probably be high  
What is d) It will probably be high
500
To build up a good credit history, you should: a) Get a Social Security Number if you do not already have one b) Get as many credit cards as you can c) Always pay at least the minimum amount due on your credit card d) A and C
What is a) Get a Social Security Number if you do not already have one
500
An installment loan is: a) A credit card paid off right away b) A loan paid off in a certain amount of time, in installments, or equal payments c) When an item is paid for before it is picked up d) Always a positive item on a credit report, even if it was not paid off
What is b) A loan paid off in a certain amount of time, in installments, or equal payments
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